Oil Prices Continue to Slide, Raising Concerns for OPEC and Consumers

Crude oil prices are on track for their seventh consecutive weekly loss due to concerns over oversupply and weaker demand, despite the recent OPEC+ production cut agreement. The Energy Information Administration reported record-high U.S. crude production, adding to the oversupply worries. China's slowing import demand and doubts about its economic recovery also contributed to the bearish sentiment. Short sellers closing their positions and OPEC+'s efforts to stabilize the market were insufficient to reverse the downward trend. The bleak oil demand outlook, particularly in China, and lower-than-expected OPEC+ production cuts further weighed on prices.