OIL BELOW $38 FOR 1ST TIME SINCE '09
Supply glut led by surge in U.S. production
(CNBC) Oil prices fell more than 6 percent, with U.S. crude briefly dipping below $38, on Monday after the Dow Jones plunged 1,000 points and Chinese stock markets suffered their biggest one-day drop since the global financial crisis, intensifying worries over the outlook for global oil demand.
Brent oil was trading down $2.31, or about 5 percent, at $43.15 a barrel at 9:45 a.m. EDT (1345 GMT), near its weakest since March 2009.
U.S. light crude was down $2.03, or 5 percent, to $38.42 a barrel after hitting a low of $38.69, having earlier touched $37.95, the weakest level since February, 24 2009. Steep losses last week capped the contract’s longest weekly losing streak since 1986.
Read more at http://www.wnd.com/2015/08/oil-drops-below-38-amid-market-turmoil/#45Dw6V3k4hd33B1q.99
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