Crude Oil Just Crashed Back Below $40 as Oil Market Faces More Threats
The path forward for U.S. oil and gas companies continues to get more and more challenging. On Monday, West Texas Intermediate crude oil prices crashed 5.3% lower, falling back below $40 per barrel after a mini-rally last week moved prices above this important level. Brent futures, a major global benchmark, are down more than 4.3% to $41.27 per barrel.
Today's big decline comes on the back of increased concerns about a surge in coronavirus cases around the world, along with Libya's move to bring as much as 1 million barrels per day of oil production on line and back to an already-oversupplied global market.
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Source Fool.com
