Oil prices are now near a six-year low, moving down earlier today to about $44 a barrel. Friday’s decline came on the back of an upbeat jobs report , which strengthened the dollar, lowering oil prices . The fall has been precipitous: Only a year ago, crude oil was more than $100 a barrel. Two major indicators of oil prices show that they’ve been plunging. (FRED) The slide has prompted fears the market may be oversupplied with oil. In some sense, the story is the same as when oil prices first started falling last summer: one of increased supply, paired with a slow recovery (America) and a slowdown (China) in oil-guzzling economies. But there’s another story: Amid the glut and falling prices, Saudi Arabia, one of the world’s top oil producers, reported in June its highest level of crude oil output on record. OPEC, the cartel of oil-producing countries, […]