Oil prices just took a hit—here's what's going on
Oil prices slid on Wednesday, with US crude dropping to $58.49 and Brent falling to $62.71 per barrel.
The main reasons? Demand is weak, peace talks over the Russia-Ukraine war are stuck, and OPEC now expects supply and demand to even out—which has people worried about too much oil flooding the market.
Global conflicts shake up the oil game
Tensions aren't helping either.
Ukrainian drone strikes damaged a key loading facility for Kazakh oil exports, and Russia shut down a Baltic Sea terminal after similar attacks.
President Putin even warned he might target ships from countries backing Ukraine "if attacks on Russian vessels don't stop."
Experts see cheaper oil ahead
Looking forward, analysts expect prices to drop further—US officials predict Brent could average lower as stockpiles grow, while a Reuters poll suggests it could be less than earlier guesses.
So if you're wondering about future gas prices or how global drama affects your wallet, this is one story to watch.