Oil prices hit October lows amid global tensions and supply worries
Oil prices just hit their lowest point since October, dropping below $58 a barrel.
The fall comes as disappointing company earnings and a shaky stock market outweigh earlier price boosts from global tensions.
Tensions between the US and Venezuela flared after the US seized a sanctioned tanker—a move the government in Caracas called "an act of piracy"—which has only added to the uncertainty.
What's driving the drop?
Ukraine recently targeted a Russian oil field, adding to energy sector drama.
But even with these tensions, experts say bigger oil output from OPEC and the Americas could flood the market with more supply than people actually need.
On the bright side, strong demand from China and ongoing geopolitical risks might help keep any surplus in check for now, though everyone's keeping an eye on how things play out in the coming months.