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Here's why oil could hit $39 a barrel: trader

Yahoo Finance Video

WTI Crude has broken below $41 a barrel this morning, and nearly traded as low as $40.50. This is Stephen Guilfoyle, Chief Market Economist at Stuart Frankel & Co. speaks to Yahoo Finance from the floor of the NYSE and says, "WTI Crude has broken below $41 a barrel this morning, and nearly traded as low as $40.50. This is 20% below the top of last month's rally that forced production back on line. Technically, I think you may see a bounce from the $39 level if it gets there. A break at $39 opens a door that could allow another $5 drop."