![energy-oil_rig-1](https://i0.wp.com/fintk2.com/wp-content/uploads/2016/08/energy-oil_rig-1.jpg?resize=678%2C381&ssl=1)
A July rout in oil prices amid signs of a global glut extended into the first trading day in August, falling below US$40 a barrel for the first time since April. The market is nearing bear territory after a near doubling in price from February’s 12-year low as Saudi Arabia and US producers battle for market share.
Bloomberg (8/1)