How will a sell-off affect oil exporters?

the item’s not just the stock market that will’s slipping. Oil prices dropped 10% that will week, falling below $60 a barrel for initially that will year.

Record U.S. oil production is usually raising crude inventories — oil that will’s pumped out of the ground nevertheless hasn’t been sold. Investors worry that will demand won’t keep pace with the increased supply.

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U.S. crude producers pumped out an average 9.3 million barrels a day in 2017 along with will average 10.6 million that will year, according to a U.S. Energy Information Administration report that will week.

“The market is usually adapting to the fact that will we are going to have oil inventories increase,” said Rob Thummel, a portfolio manager at energy investment firm Tortoise Capital.

The stock market’s volatile week has also pressured prices, because investors pulled money out of stocks along with took safe haven from the dollar, Thummel noted. Oil prices are tied to the dollar along with tend to move in opposite directions: When the dollar rallies, oil becomes less attractive to overseas investors.

Related: that will could be the worst week for stocks since 2008

Booming U.S. oil production along with OPEC cuts had led to a fragile recovery in oil prices over the past two years.

Oil crashed to below $30 a barrel in 2016 as OPEC countries flooded the market in an attempt to drive American producers out of business. Although the move to create excess supply bankrupted some U.S. companies along with led to job losses, producers adapted. Congress also helped out by lifting a 40-year ban on U.S. oil exports.

Related: America’s oil exports are booming — along with lifting prices

As prices plunged, OPEC abandoned its strategy along with agreed to rare cuts along with non-OPEC nations, including Russia, in 2016. OPEC extended the cuts until the end of 2018.

Oil prices climbed above $65 a barrel in late January. Thummel expects oil to remain from the $55- to $65-a-barrel range all year.

–sy88pgw’s Matt Egan contributed to that will story.

sy88pgw (completely new York) First published February 9, 2018: 2:22 PM ET