Crude oil is getting smoked

Crude oil is sliding again on Friday morning.

West Texas Intermediate crude futures in New York fell nearly 3% to as low as $US40.11 per barrel.

The slide towards the $US40 per barrel level gained momentum earlier this week after the Energy Information Administration reported a larger-than-expected build in crude inventories last week.

This added to signs that the oil market remains oversupplied, as the 12-member oil cartel OPEC continues to pump at an unrelenting pace.

Oil is now headed for its longest weekly losing streak since 1986, according to Bloomberg. Oil is in a bear market, and prices are down more than 30% from recent highs.

Later on Friday, driller Baker Hughes will release its weekly tally of oil rigs. The count has risen for four straight weeks.

Here’s a chart showing the slide in oil prices on Friday:

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