Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
OPEC and other oil exporters are considering extending the length of their oil-production cuts, Bloomberg reports. The news comes amid a more than 4% decline in the price of WTI crude over the past two days.
Oil fell after a report Tuesday that U.S. crude inventories rose by 14.3 million barrels versus a 2.5 million barrel estimate, and on news that Chinese demand for oil in 2016 was at its lowest in three years.
Why it matters: Weak Chinese demand and higher U.S. production were the twin forces that lead to the 2014 crash in prices, and it looks like they will team up again to keep your gasoline bill low.