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Stocks drop and oil gets rocked

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Many are saying that U.S. oil prices are falling due to the projections for rising U.S. production. Predictions by the IEA and the EIA about a surge in oil suggest that U.S. oil production, which supposedly stands above 10 million barrels a day, will soon exceed 11 million barrels a day. Yet, the truth is that if demand growth stays at the rate we are currently at, then we will need that additional oil to meet global demand. Still, worries about global growth in recent days surrounding the stock market correction are causing some to think an oil demand slowdown is in store.

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