But in the background of all this, there has been a stealth slump in oil prices.
Both West Texas Intermediate crude and Brent crude prices are at levels that were most recently seen around April’s meeting of major oil producers in Doha, Qatar.
WTI crude prices have fallen nearly 18% since their early-June peak of about $51.23 a barrel. Brent prices have dropped by about 16% over the same time period. A drop of over 20% is considered to be a bear market.
But here’s where oil prices were as of 8:31 a.m. ET on Thursday. WTI crude is trading at about $42.09 a barrel:
And Brent crude is trading at about $44.05 a barrel: