Oil prices have tumbled almost 30% in 2 months. Here's why, and what could happen next.

After soaring in the wake of Russia's invasion of Ukraine, the price of oil has come back down to earth.

Since its most recent highs in June, the US benchmark oil price has fallen 28% to trade at around $90 a barrel.

The international benchmark is trading at around $95 a barrel, down from its June highs. It has fallen more than 30% from its March high.

Why aren't oil prices increasing? Russian resilience, recession fears, and retreating demand are to blame. No one knows what will happen next.

The world economy isn't growing as fast as it used to.

There are growing fears that the world's major economies will fall into recession in the next year. Demand for energy naturally decreases when economies slow.

The US economy lost steam in the first half of the year. The UK and the eurozone are likely to go into recessions.

Craig Erlam, senior market analyst at currency platform Oanda, said that "all of the talk of recession has caught up with crude prices over the summer, causing a substantial correction that will be welcomed by those looking on in horror as they fill their cars."

The strength of the dollar has weighed on global demand. The theory is that the surge in the dollar has made oil expensive for some buyers.

Russia's production has remained strong.

Russian production has been better than analysts anticipated.

Many traders bid up prices because of the sanctions against Russia after the invasion of Ukraine.

The drop in Russian production is still to be seen. Russia has increased its sales to India and China. There has been more oil than expected.

Russia's ability to re-route volumes to other buyers was too pessimistic according to analysts.

Drivers in the US are staying indoors.

There are signs that the appetite for oil hasn't been as strong as people thought. The US Energy Information Administration said last month that gasoline demand was the lowest in 18 years.

The downward pressure on crude prices has been added by the releases from the strategic oil reserves by the President.

Some analysts are in agreement while others are not.

Wall Street isn't sure if prices are going to fall or rebound.

According to analysts at Citigroup, prices could fall as low as $65 by the end of the year. By the end of the year, Citi expects prices to fall to $85.

Goldman says it still expects oil to rebound, even though it has lowered its forecasts. In the third and fourth quarters, Goldman predicts a rise in the price of oil.