The volumes of oil in transit at sea have reached multi-year highs due to increased supply from OPEC+ and non-OPEC+ exporters, leading to a drop in prices with WTI crude falling to $56.84 and Brent crude dropping to $60.55. As many as 1.24 billion barrels of crude and condensate were in transit on tankers in the week to October 17, excluding oil in floating storage. The surge in OPEC+ exports and supply from the Americas, particularly the U.S., Guyana, and Brazil, has contributed to this buildup, along with longer voyages from North and South America to the Pacific region. Oil prices could potentially drop to $50 per barrel due to the global supply increase and weaker seasonal demand.

Read more at Yahoo Finance: Oil Prices Sink as Tanker Traffic Highlights Supply Surge