Crude oil just collapsed below $40 per barrel again

Crude oil just crashed below $US40 per barrel again.

West Texas Intermediate crude futures in New York fell to as low as $US39.92 per barrel just before noon on Wednesday.

WTI first dropped below $US40 for the first time since 2009 on August 21.

Oil stumbled last week after the International Energy Agency warned, and reminded markets, that the supply glut was worsening across the world.

Earlier on Wednesday, the Energy Information Administration released its weekly data on inventories. Crude stockpiles rose by 300,000 barrels last week, according to the EIA, below an expected build by 1.9 million barrels.

More to come …

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