The price for a barrel of West Texas Intermediate crude has fallen by more than 30 % since the beginning of June, to nearly $ 40, as the ongoing global oil glut keeps dragging down the world's oil prices. (fortune.com)
Oil prices have already fallen recently on fears of a growing global oil glut. (businessinsider.com)
Both OPEC and Russia added that they were about halfway finished with clearing the global oil glut, and encouraged members to remain vigilant and set upon their task of reining in production. (oilprice.com)