US crude prices fall towards US$40 on global glut

U.S. crude oil prices fell to almost US$40 a barrel today, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels.

Oil has lost a third of its value since June on high U.S. production, record crude pumping in the Middle East and concern about falling demand in Asian economies.