New oil price chart from the Energy Information Administration shows crude oil stocks have declined by 7% in the first week of 2018
Crude oil stocks, which have fallen by 7.5% from their peak in late April, are now on track to drop again this year, as the United States continues to struggle with a glut of oil.
The EIA reported Wednesday that crude oil and condensate stocks were down by 1.7 million barrels per day, or 4.1 million barrels a day, to a total of 7.51 million barrels.
Condensate is a type of crude oil that is more expensive than crude, and is a common ingredient in gasoline.
The drop in crude stocks is due to a glut in crude, as well as the expiration of several important oil export terminals.
The declines in crude oil prices are the latest signs of oil and gas production slowing in the United State.
Production of natural gas is also falling in recent months, and there are worries that shale gas production is slowing down.
The oil and natural gas companies that own the oil and the natural gas that goes into it have already started to pull back on drilling.
But the price of crude is still a major factor in how oil and coal are priced.
The average price of a barrel of Brent crude has dropped to $55 a barrel on Thursday.