2016.07.2908:45:00UTC+00Crude Oil Down 20% From June Highs, Near $40

Crude oil futures continued to fall toward $40 a barrel Friday morning, extending steep weekly losses on speculation the global supply glut will worsen.

The Energy Information Administration on Wednesday reported that commercial crude oil inventories gained 1.7 million barrels in the week to July 22.

Meanwhile, Baker Hughes CEO Martin Craighead said he does not expect oil prices to bounce back to sustained levels above $50 anytime soon.

WTI light sweet crude oil for Sept was down 43 cents at $40.71 a barrel, having entered bear market territory.

Prices are down more than 20 percent from June highs.

The Coast Guard has reported a 4,200-gallon crude oil spill in #Louisiana's Barataria Bay.

U.S. Gross domestic product climbed by 1.2 percent in the second quarter following a downwardly revised 0.8 percent increase in the first quarter.

Economists had expected GDP to jump by 2.6 percent.