Oil prices have dropped for the fourth straight day, with Brent crude now at $64.83 per barrel and US West Texas Intermediate at $61.26.
The main reason? There's just too much oil in the market, and OPEC+ is considering increasing output next month.
OPEC+ is set to boost production
OPEC+ is set to boost production by at least 137,000 barrels a day in November—possibly even more—after already raising quotas by more than 2.5 million barrels per day recently.
That means even more oil flooding an already crowded market.
US government shutdown and China's oil stockpiling
Uncertainty around a possible US government shutdown, G7 moves to limit Russian oil exports, and US support for Ukraine are all making things shakier.
On the flip side, China's been stockpiling oil, which has helped stop prices from dropping even further.