Oil prices dropped Tuesday to their lowest level since 2021.
U.S. West Texas Intermediate crude was trading near 55 dollars a barrel, down from about 58 dollars earlier this week. Gas prices are also trending lower. The national average is now 2 dollars and 91 cents a gallon, down four cents from a week ago.
Analysts say the decline follows multiple oil production target increases earlier this year by OPEC, the group of major oil-exporting countries.