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:

NOW WATCH: Take the IQ test that every NFL rookie has to take

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.