Oil prices dropping due to increased production, fears of inflation, tariffs, recession

From Yahoo Finance: 2025-05-09 17:00:00

Oil prices are dropping below $60 as OPEC+ announces increased production, leading to decreased demand expectations and fears of inflation, tariffs, and recession. Despite low crude oil inventory at Cushing, prices are expected to decline further. Total U.S. crude oil inventory has decreased compared to last year, contributing to a bearish outlook on oil prices. Refinery runs need to increase to meet demand for the summer months, despite a recent decline in runs. Analysts suggest that more crude oil will be needed as summer approaches.



Read more at Yahoo Finance: Supply expectations high and demand expectations low