Why will oil prices drop due to oversupply in the us?

there are two major factors affecting the supply and demand for oil The first is the amount of oil that is produced The second is the demand for oil 1) Oil production is rising in the United States and Canada The United States is currently producing about 18.6 million barrels of oil per day https://www.eia.gov/tools/faqs/faq.php?id=268&t=6 Production in the United States has grown rapidly in recent years due to the unconventional oil boom called shale oil. The increase in production has led to a glut of oil The oil glut has caused a massive decline in oil prices since the summer of 2014 The price of West Texas Intermediate crude oil has dropped from $107 per barrel in June 2014 to $47 per barrel in March 2015 . Today the price of crude oil has been affect by m1 money supply increases in 2020 or in other terms inflation https://www.macrotrends.net/1369/crude-oil-price-history-chart 2) Demand is dropping in the United States and China The United States is currently consuming about 19.8 million barrels of oil per day The last time the United States consumed less than 18 million barrels of oil per day was in 1996 https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 The United States is expected to have the slowest rate of growth in oil consumption of the world's top 20 economies between 2012 and 2035 The United States is expected to use about 18 4 million barrels per day in 2035 . The carbon initiative policies are expected to reduce oil usage by 2035. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M China is the world's second-largest consumer of oil The recent slowdown in China's economy has led to a decline in oil consumption The combination of rapidly rising production in the United States and Canada and declining demand in the United States and China has led to an oversupply of oil Why will oil prices drop due to oversupply in the us and china? When the supply of a good is greater than the demand, the price of the good will tend to fall This is true of both commodities and manufactured goods "Oil Prices Could Fall to $10 Per Barrel" and "Why Have Oil Prices Dropped So Much?"