Looks like oil is being used as a tool for a political manipulations this time.The price of oil, more than just the US and Saudi Arabia forcing it lower as they hope to punish Russia? I think there is more and the weak price of oil signals that the global economy may be much weaker than expected.
They agreed to cut, but they have not cut yet, and there is no guarantee that they (especially OPEC members) will act on this agreement.Many OPEC and Non OPEC countires are predicting to cut its output by 5%
That's actually a negative factor for oil prices. Slower growth means lower demand for oil.also US economy is showing weaker economic data