The price of oil had climbed aggressively from the summer of 2017 through the end of last month — but then it started falling. And falling. And falling. The price of Brent crude fell from $86 to about $66 yesterday, an astonishing decline of 23 percent.
What changed? We look at four potential reasons: U.S. output, exemptions to the sanctions on Iran, decelerating global economic growth, and the strengthening U.S. dollar.