Published May 03, 2016
Oil prices are continuing to slide on fears of a slowdown in the world economy, with U.S. crude on pace to close at under $40 a barrel for the first time since the days of the global economic crisis.
Already trading around six-year lows on a prolonged slump, U.S. crude fell $1.24, or 3.1 percent, to $39.21 per barrel Monday afternoon. Earlier it dropped to $37.75.
Over the last few days investors have grown more concerned that the Chinese economy, the second-largest in the world, is slowing down. That led to a sell-off in stocks Friday and another on Monday.
Weaker growth in China, a shrinking economy in Japan, and a supply glut have punished oil prices over the last year.
https://www.foxnews.com/us/us-crude-on-pace-to-close-under-40-for-first-time-in-6-years-on-fears-of-economic-slump