“Oil prices are dropping because the U.S. dollar has been gaining strength against almost every other world currency in recent months. There’s really nothing more to it than that.”
Then why are the Saudi’s dropping their price for the US and raising their price (in US dollars) for other regions?
WTI prices have been historically low in recent years. WTI is usually higher than Brent, but that has been inverted for much of the last few years as more and more U.S. oil has come on the market and we now actually have a glut of oil in North America (we can't refine oil as quickly as we can produce it).