United States crude futures have fallen by as much as 10% to about $66.50 a barrel, which is down from last week's $73.
This, combined with news of an uptick in US crude production, prompted steep declines in crude futures last week. While this strategy has certainly helped the central government reinforce federal coffers, the recent increase in crude oil has made fuel more expensive than ever before.
Crude oil production in the Latin American state has dropped to around 1.4 million barrels a day in recent months - a spectacular collapse of almost 40 per cent since 2015.
But even if Asia and Europe are keen to take more USA crude, the record volumes are straining export infrastructure in the United States, limiting its ability to pump and ship more oil.
The fall in prices of oil for drivers has been welcome news as it has been for companies that purchase large amounts of energy.
This was in contrast to US crude production surging by more than 27% in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to Russia's 11 million bpd, according to Reuters. However, the existence of these risks mean that oil prices are likely to remain volatile, witnessing periods of spikes should any of these risks escalate.
It finished the last session at its lowest closing price since April 17 at $66.47 per barrel.
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City of Tampa Fire Rescue was on the scene to provide support to the new mother and documented the delivery. The puppies aren't allowed to fly for another eight weeks so Van Atter said she will drive home with them.
Prices of the West Texas Intermediate are alternating gains with losses today in a broad cautious scenario, as traders remain wary of the potential increment in oil production from OPEC producer and Russian Federation, all amidst fears of supply disruptions in Iran and Venezuela.
The downward pressure on oil continued on Monday as traders considered data showing a jump in the number of USA oil rigs, indicating potential growth in United States production.
OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources told Reuters on Tuesday.
Saudi minister Khalid Al-Falih, who's been organizing meetings with major customers and producers discussing the Saudi commitment to stabilizing oil markets, is reportedly meeting his Kuwaiti and Emirati counterparts.
OPEC is once again between the rock of US shale production and exports, and the hard place of budget gaps and investment projects that need funding.
Baker Hughes BHGE, -2.72% on Friday reported that the number of active USA rigs drilling for oil rose 15 to 859 in the most recent week. Although US oil exports hit a record high of 2.6mn bpd in the middle of May, there is concern that the US port infrastructure has insufficient capacity to support the increasing supply.