Oil prices dipped below $40
Representational file photo.
(IraqiNews.com) US crude prices have fallen below $40 a barrel on Friday for the first time since the financial crisis in March 2009, closing 2 percent lower on signs of US oversupply.
Oil prices dipped below $40 a barrel on Friday for the first time in six and a half years on the prospect of falling global demand with the possibility of further declines and market turmoil.
Reuters reported that the US crude prices fell below the level of $40, after weekly data showing increase in the number of oil rigs operating in the United States in the 5th week in a row.
US crude prices have now fallen for eight straight weeks; the longest stretch since 1986.