But in the background of all this, there has been a stealth slump in crude oil prices.
Both front-month WTI crude and Brent crude prices have fallen by over 20% since their early-June peak of $51.23 per barrel and $52.51 per barrel, respectively.
A drop of over 20% is considered to be a bear market.
But here’s where oil prices were as of 10:24 a.m. ET on Friday. Front-month WTI crude prices are trading at about $40.67 a barrel:
Meanwhile, front-month Brent prices are trading around $41.94 a barrel: