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U.S. oil futures on Friday sank below $40 a barrel for the first time since the Great Recession and were on track for an eighth straight weekly loss—the longest streak of weekly losses since 1986.
Prices sank under $40 intraday shortly after data from Baker Hughes BHI, -2.43% showed that the number of active U.S. oil drilling rigs rose 2 to 674 as of Aug. 21.
Weaker-than-expected Chinese manufacturing data and a sharp declines in the U.S. stock market also spurred worries about the outlook for energy demand.
After tapping a low of $39.86 a barrel, WTI crude for delivery in October CLV5, -2.95% remained down $1.39, or 3.4%, at $39.93 on the New York Mercantile Exchange. Based on the most-active contract, prices were set for their lowest settlement since February 2009 and are on track for a weekly loss of 5.7%, their eighth weekly decline in a row.
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