What led to this fall’s oil price slide and what might come next?

Benchmark crude West Texas Intermediate broke below $70 US on Tuesday.
The price of oil continued its rough ride this week, with the benchmark North American crude blend known as West Texas Intermediate, or WTI, skidding again below $70 US a barrel on Tuesday, down from September when the price was hovering around $90 US. This fall has seen oil prices take on a gradual — and often bumpy — decline, an about-face from multiple bullish forecasts in September that projected the return of $100 US oil before the end of the year. On Tuesday, the January crude oil contract was down $2.71 US at $68.61 US per barrel.
Analysts say there are a number of factors at play here, namely geopolitical instability, fears of a global recession and hesitation around whether there will be follow through on oil output cuts agreed to by Saudi Arabia, Russia and other members of OPEC+ in late November. Last week saw the seventh-consecutive weekly decline in crude prices, the longest consecutive losing streak on a weekly basis since the end of 2018, noted Rory Johnston, energy researcher and founder of the Commodity Context newsletter. “We’ve been in this very declining, kind of weakening environment since the end of September, and it just keeps getting worse,” Johnston said. “The market is clearly signalling deepening or worsening oversupply conditions.”…
Source:cbc.ca/news