Oil prices drop to three-month low amid record US production

Source: Axios

“The U.S. is pumping oil at a record rate, helping send crude oil prices lower. U.S crude oil prices fell to their lowest level in more than three months on Wednesday (though they ticked higher Thursday morning). West Texas Intermediate crude, the U.S. benchmark, is down more than 15.% since the end of September, to roughly $75 a barrel. The decrease comes even as Russia and Saudi Arabia are sticking to their voluntary production cuts to prop up prices.” (11/09/23)