The slide in crude prices signals deteriorating confidence in the strength of the economy. And while lower oil prices benefit consumers by, ultimately, reducing prices at the pump, they are a big problem for U.S. oil producers, many of which will struggle to make money drilling new wells at these levels.

When the economy slows down, the price of oil tends to fall. But this time, OPEC+ is increasing production despite weak demand.

Oil prices plunged to even deeper four-year lows on Wednesday after China announced additional tariff measures on U.S. goods in retaliation against President Donald Trump's tariff policy. China will impose 84% tariffs on U.