Late last month, the Organization of Petroleum Exporting Countries made a decision to expand the amount of oil that it would supply to the rest of the world, ending an 18-month period which saw output capped to boost prices in the oil market.
The increase in oil supplies has brought some stability to oil prices, which had climbed from nearly $25 per barrel at the end of 2016 to over $80 per barrel in May of this year. Prices have since retreated slightly in recent weeks, but remain elevated relative to recent history. This, in turn, has stoked some concerns that the high cost of oil and gasoline may curb the momentum in the economy.