Oil falls under $69 a barrel!!! that's half of what it was

[NJ5]

This is crazy... OPEC has cut production (as expected) by 1.5 million barrels a day, and the price of oil is still going down (the opposite of what I expected). Stock markets are also down heavily (f.ex. Dow futures down 550 points).

Put two and two together and there's only one reasonable explanation... Investors as a whole are expecting a big recession putting a huge dent in oil demand.

I don't see oil companies throughout the world investing in much exploration or new drilling. That doesn't bode well for future supplies; the more the price goes down now, the higher it will be later (making it harder to rely on fossil fuels to help recover from a recession).