Watch: Oil prices sink but are expected to see overall gains this month
Brent crude oil prices sank below $70 this week as the U.S. amps up production in the face of OPEC-led production cuts. Overall, Brent crude prices have risen nearly 6% this month. Analysts cite the dollar losing value as a major booster, as holders of other currencies can more easily buy crude. U.S. production is keeping up with Saudi Arabia and is second only to Russia. Canada’s production is also expected to leap soon.