Brent crude oil dips below $40

LONDON Brent crude fell briefly through $40 yesterday for the first time in three weeks, extending heavy losses to a fifth session as renewed exports from Iraq and higher-than-expected US petrol inventories encouraged big-money funds to take profits.

London Brent crude fell 59 cents to $40.09 a barrel, having briefly touched a three-week low of $39.80.

US light crude dropped 48 cents to $42.99 a barrel, after slumping $1.74, nearly 4%, on the New York Mercantile Exchange on Wednesday to its lowest close since August 4.