Oil prices have fallen to a five-year low, with US oil down 19% over the past year; OPEC and the US have both increased production.
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Concerns over oversupply and a global economic slowdown are pushing U.S. crude oil prices to their lowest levels since the post-pandemic recovery, with the simultaneous production increases by the U.S. and OPEC exacerbating the market’s supply-demand imbalance.
On Thursday, U.S. WTI crude oil futures closed at