It's Another Ugly Day for Oil
The price of oil is falling again.
The price of a barrel of West Texas Intermediate crude dropped around 2 percent on Friday morning. At just over $46, it's not that far away from its low for the year.
And here's a look at the long slide it's taken over the past 12 months.
Despite falling prices and declining rig count, oil production in the U.S. continues to rise, and storage facilities are getting filled to the brim, which has caused some to speculate that further weakness is ahead. On top of all that, on Friday morning, March 13, the International Energy Agency issued a report that it is raising estimates for U.S. oil production for this year, since the large reduction in drilling has failed to slow output.