Published August 1, 2016 12:38pm EDT | Updated August 1, 2016 1:03pm EDT

Crude-oil Trades Below $40 a Barrel For First Time Since April

West Texas Intermediate crude-oil futures extended losses in early afternoon trade Monday, dropping below $40 a barrel for the first time since April. September WTI futures were off $1.61, or 3.9%, at $39.99 after trading as low as $39.86. Concerns about a global glut of crude and gasoline, as well as weaker demand as the U.S. summer driving season comes to a close, have contributed to a slump that saw oil futures fall 14% in July.