Oil prices have been falling for seven weeks straight. Here’s what they’re doing in New York

US oil futures notched their seventh straight week of declines on Friday, marking their longest losing streak in five years.

The prolonged drop comes as analysts worry about increased production around the globe and shrug off the Organization of the Petroleum Exporting Countries’ promises to limit supply. (OPEC+, which includes Russia and other OPEC allies, agreed to cut oil output by 2.2 million barrels per day through the first quarter of 2024, but markets don’t think all members will adhere to that).

Markets are also fretting over a projected decline in demand for crude, especially in China, where there are ongoing signs of a weakening economy. Chinese consumer prices are falling at their fastest rate since the depths of the pandemic in late 2020.

US gas prices, meanwhile, have dropped to an average of about $3.19 per gallon. That’s down about 22 cents from a month ago and 14 cents from a year ago.

Here’s how gas prices are looking in New York.