WTI crude oil is down 4.4% this week
Oil has fallen in four of the five trading days this week and is down $0.83 to $43.92 on Friday. It is currently testing the lows of day and not far from Wednesday's weekly low of $43.96.
One of the reasons for the decline in oil recently is that oil companies have begun to ramp up drilling, tapping fields that can be profitable below $50/barrel. That will add to the supply glut.
After a major fall in rigs from Aug 2015 through September, the Baker Hughes drilling rig count has risen by 41 since late May.
