Crude oil just collapsed below $40 per barrel again
Crude oil just crashed below $40 per barrel again.
West Texas Intermediate crude futures in New York fell to as low as $39.92 per barrel just before noon on Wednesday.
WTI first dropped below $40 for the first time since 2009 on August 21.
After reaching about $48 per barrel last week, oil stumbled after the International Energy Agency warned, and reminded markets, that the supply glut was worsening across the world. It also forecast that the allure of cheap oil would fade in 2016, weakening demand.
Earlier on Wednesday, the Energy Information Administration released its weekly data on inventories. US crude stockpiles rose by 300,000 barrels last week, according to the EIA, below an expected build by 1.9 million barrels.
The data also showed a swell in inventories at Cushing, Oklahoma, a key delivery point, by 1.5 million barrels, as overall inventories remained near levels not seen at this time of year in 80 years. Investing.com