The oil market is seeing a stunning price drop, falling below 60 U.S. dollars a barrel on Tuesday after an increase in supply.<br />A month ago, traders were concerned that a looming oil shortage would push prices above 100 dollars a barrel. <br />Now, supply has increased… causing oil prices to plunge more than 20 dollars a barrel since the start of October. <br />Along the way, West Texas Intermediate crude has posted its longest losing streak since it began trading in New York more than three decades ago,… settling at 55-point-six-nine U.S. dollars a barrel on Tuesday. <br />The latest drop came after oil cartel OPEC agreed to relax curbs in place since 2017 after pressure from U.S. President Donald Trump. <br />Trump called on OPEC to increase production to offset any decline from the reimposed sanctions against Iran. <br />
