Oil Hits Six Month Low – 15 June, 2017

U.S. crude settled lower for the second day in a row down 27 cents after a six month low. This slump comes regardless of the cuts of 1.8 million daily barrels by OPEC and other producers. Prices have dropped about twelve percent since the end of May, while U.S. production is up roughly ten percent in the last year. The Dollar index hit its highest in over two weeks, causing oil to be more expensive for buyers using other currencies.