US oil prices dropped below $70 a barrel Tuesday as debt ceiling concerns and reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting roiled markets.
The price of crude settled at its lowest prices in nearly four weeks, reports my colleague Matt Egan. It ended the day down 4.4% at $69.46 a barrel. Oil fell further Wednesday as weak China manufacturing data further stoked fears about demand.
Tuesday’s selloff marks one of the worst days of the year for the oil market and could help keep a lid on pump prices. The national average for a gallon of regular gasoline is down by about $1 from a year ago.
Also undermining prices are new questions about the relationship between OPEC leader Saudi Arabia and Russia ahead of this weekend’s meeting of oil producers in Vienna.
Saudi Arabia has expressed anger to Russia for failing to follow through on Moscow’s promise to cut production in response to Western sanctions, the Wall Street Journal reported, citing sources.
This article was originally published by CNN.