US Crude Oil Prices Tumble Below $40 For First Time Since Global Economic Crisis

Oil traded sharply lower in afternoon trading Friday, with U.S. crude falling below $40 a barrel for the first time since the global economic crisis. U.S. oil prices are headed for an eighth straight weekly decline, the longest weekly losing streak in nearly 30 years. Oil extended declines, falling to its lowest levels since March 2009, after U.S. weekly rig counts rose for the fifth straight week, increasing by two oil rigs to a total count of 674 in the week ended August 21, Baker Hughes said ...