What Caused Oil Prices to Drop Below $60?

The video discusses the recent drop in West Texas Intermediate oil prices below $60 a barrel, driven by increased US shale production and OPEC's decision to maintain output levels. US and Canadian producers are adjusting spending but not cutting existing production. Analysts predict oil prices may stabilize between $40 and $70 a barrel, with the marginal cost of US shale production influencing the global price.

What challenges are North American oil producers facing in the current market?

What are the predictions regarding the future price of oil according to analysts?