Oil prices tumble on global supply glut

Oil prices suffered big losses Monday, with the U.S. oil hitting below 40 U.S. dollars a barrel for the first time since April, as a survey showed that output in the Organization of the Petroleum Exporting Countries (OPEC) reached record highs last month.

The West Texas Intermediate for September delivery dropped 1.54 dollars to settle at 40.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery plunged 1.39 dollars to close at 42.14 dollars a barrel on the London ICE Futures Exchange. Endit