The price of a barrel of oil hit prices not seen for 6.5 years Friday. WTI was trading at U$39.93 at one point but has since recovered above $40. America is storing around 100 million extra barrels above its normal August stockpile and refineries will be entering maintenance season shortly. With the summer approaching the end in the northern hemisphere and China’s weak economy slowing demand the supply glut is getting worse. Analyst Gary Shilling has predicted a $10 barrel could become a reality. Baytex Energy became the latest Alberta-based energy firm to announce lower spending Friday.
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