WTI Drops Below $40 Amid Stock Market Rout

Oil prices tumbled on Friday morning, preparing to finish out the week $3 per barrel less than last Friday’s level. It is the largest weekly drop since June. U.S. oil futures were already at their lowest point since July on Wednesday. At 11:00 am EDT, the WTI spot price was $40.26 (-2.68%), nearly $3 under last week’s level. Brent crude was trading $43.04 (-2.34%), roughly $2 per barrel less than last week. The fall can likely be attributed to the strong dollar, after earlier reports that the U.S. unemployment rate dropped to 8.4%--as…