U.S. crude oil futures slipped to a new 6-1/2-year low of 40.21 dollars a barrel, today, before moving up slightly to 40.30 dollars a barrel. Brent crude oil was down 75 cents, at 46.41 dollars a barrel. Oil has lost a third of its value since June on record crude pumping in West Asia, and concern about falling demand in Asian economies. Canada increased exports to the United States by more than 400,000 barrels per day over the past week. US crude oil production has also fallen by over 250,000 barrels per day since the start of June. But OPEC continues to pump record levels of oil, adding to the global oil glut. Long-term derivatives markets are bearish. Futures markets show that crude oil for delivery in 2020 costs only about 20 dollars more than current prices.