Oil prices continued to fall Friday, amid weaker global demand and increased output in the United States, to the lowest price this year. The cost of a barrel dropped below $60, a decrease of more than 20 percent from its peak last month.
President Trump has credited Saudi Arabia with the falling oil prices. “Thank you to Saudi Arabia, but let’s go lower!” he wrote in a tweet on Tuesday. He called the drop “a big Tax Cut for America and the World.”
But the drop in prices has raised concerns about the international economy, as well as domestic growth in the United States.
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