Oil prices drop again: Here's why
Oil prices dropped again this Friday, with Brent crude at $66.07 a barrel and US West Texas Intermediate at $62.06.
This comes after another rough trading day, even though there's still tension in places like the Middle East and Ukraine.
The big reason? People are worried that demand in the US is slowing down while there's plenty of oil to go around.
OPEC+ is increasing production to grab market share
A major factor behind the price dip is OPEC+ (led by Saudi Arabia) ramping up production to grab more market share, which means even more oil on the global market.
The International Energy Agency expects supply to rise quickly, adding pressure on prices.
On top of that, US crude inventories went up by 3.9 million barrels—so oversupply worries are definitely not going away anytime soon.
Russia has also tweaked its oil exports, which is shaking up things further for energy markets right now.