The big picture: Prices are tumbling as traders respond to surging U.S. production, Saudi Arabia's announcement of higher production this month, the prospect of weakening demand growth, and White House pressure on Saudi Arabia to keep prices low.

By the numbers: Brent crude fell by almost $4 per barrel Friday and as of late morning was slightly under $59 per barrel, the first time it has slid below $60 since October of last year.

• WTI, the U.S. benchmark, lost several dollars and is also at a year-long low at around $51. Oil prices have been on a generally downward trend for six weeks.

The intrigue: President Trump has recently been celebrating the price declines and putting public pressure on Saudi Arabia to keep prices low — at the same moment he's signaling a hands-off approach, for now, over the murder of journalist Jamal Khashoggi.

But, but, but: via Reuters, Morgan Stanley analysts see pretty good odds of an OPEC agreement that boosts prices again.

Go deeper:

• Trump injects more chaos into OPEC as oil prices fluctuate
• Reality check: Trump misleads on oil prices while praising Saudis
• via CNBC, Oil plunges 7% to lowest level in more than a year