U.S. Oil Prices Fall Amid Surging Supply And Slowing Growth

Benzinga

U.S. crude fell to $56.99 a barrel, its lowest since 2021, as tariffs and oversupply fueled a 19% yearly drop. Gasoline averages $3.06 per gallon and could fall further amid slowing global demand.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02U.S. crude prices fell to $56.99 a barrel, their lowest level since February 2021,

00:08amid oversupply and mounting fears of a global slowdown, according to the Wall Street Journal.

00:12Drop driven partly by President Trump's recent tariffs, pushed prices below the spring sell-off lows

00:17and marked a 19% decline from last year.

00:20Gasoline now averages approximately $3.06 per gallon nationally and could dip to $2.90 next year.

00:25NLSA producers are hesitant to scale back, citing sunk costs and multifuel obligations.

00:31Offshore oil storage surged 3.4 million barrels a day in September, the largest jump since the pandemic.

00:36For all things money, visit Benzinga.com.

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