Oil prices (CL=F, BZ=F) fell about 3% on Tuesday. There are a number of factors dragging prices lower, including an economic slowdown in China and excess production capacity. Those headwinds spurred OPEC to lower its demand growth forecast for both 2024 and 2025.

In the video above, Yahoo Finance senior reporter Ines Ferré breaks down all the factors driving oil prices right now.

For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Stephanie Mikulich.