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Oil Slides to Near $40 Per Barrel
Crude oil futures closed at $40.73 per barrel on the New York Mercantile Exchange on Friday, down $1.01, to cap an 8% decline for the week.
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Crude oil futures closed at $40.73 per barrel on the New York Mercantile Exchange on Friday, down $1.01, to cap an 8% decline for the week. Brent crude, the global benchmark, also fell 8% last week, to $43.61.
Oil’s decline was part of a widespread dip in other commodities. Analysts say prices in both cases were hit by news of weakening demand in China and evidence that oversupplies will continue for some time.
The International Energy Agency in Paris and Organization of the Petroleum Exporting Countries in Vienna both noted the world’s growing stockpiles of crude. The IEA says developed countries had amassed almost 3 billion barrels of crude by the end of September.
OPEC expects the excess supplies to keep oil prices low well into 2016, even if production by those outside the cartel declines.
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