WTI crude oil price is tumbling towards $40 a barrel as it sets up for second longest losing streak in over 30 years

James Nickerson
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Oil prices have been under pressure over concerns of a global supply glut (Source: Getty)

US oil price benchmark West Texas Intermediate (WTI) crude spent the afternoon plummeting towards the $40 a barrel mark, its lowest level since 2008.

In late afternoon trading, the benchmark was hovering around $40.16 a barrel.

This comes as WTI is set to hit its second-longest losing streak in more than 30 years, falling more than 3.8 per cent over the week.

Read more: US benchmark WTI crude tumbles to six-year low at $41.92

WTI crude has plummeted more than 31 per cent over the past eight weeks, second only to a 10-week losing streak between December 1985 and March 1986, which resulted in the US benchmark dropping 54.33 per cent to $12.28 a barrel.

Over the last year the price of WTI crude has fallen 56.4 per cent. Oil prices are expected to stay low for a long period, figures by the US International Energy Agency suggested: earlier this month it forecast that the oil supply glut will last until the end of 2016.

Just over a week ago WTI crude crashed through its $42 floor to trade at a six year low.

Read more: Oil prices set for long-term slump as WTI price forecast lowered through 2016

Oil has been under increasing pressure in recent weeks amid worries of a global supply glut and a slowdown in the Chinese economy.

Brent crude was also trading 0.94 per cent down at $46.18 a barrel, after having fallen 3.64 per cent on Wednesday and 6.1 per cent over the week.

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