Light Crude Oil from the US has almost reached the 57 level

The over-production in oil has kept the prices under pressure and the Light Crude Oil has broken below the 60 dollar a barrel mark to come very close to touching the 57 dollar a barrel level. The drop has been really steep and this has made some OPEC members to rethink about imposing some production cuts. However, the United States is currently keeping its production at all-time highs and demand is falling. We don’t know for sure how far down can oil go, but we do know that a lot of oil exporting countries are really feeling the pain of the dropping prices.