oil below 40 a barrel | Alternative Energy | Forums

whoa, maybe 20 a barrel isn't as far fetched as it seems

U.S. oil prices traded below $40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of U.S. oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades.

U.S. crude dipped below the $40 threshold following weekly data that showed U.S. energy firms added two oil drilling rigs last week, the fifth increase in a row. The rise in the number of rigs emerging after a second quarter lull in prices is adding to concerns U.S. shale production is proving slow to respond to falling prices, prolonging a global glut. [RIG/U]

more http://www.reuters.com/article/2015/08/21/us-markets-oil-idUSKCN0QQ02X20150821