Oil price slumps to lowest level in more than 6 years

August 11, 2015
in Category: Business
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Oil price slumps to lowest level in more than 6 years

From Washington Post:

The price of U.S. crude oil has tumbled to its lowest level in more than six years.

The latest slide on Tuesday came as OPEC said its production rose to a three-year high. China also devalued its currency, suggesting economic growth there was softer and could cause lower crude demand.

Benchmark U.S. crude fell $1.88, or 4 percent, to $43.08 a barrel in New York. Its previous low for this year was $43.46 on March 17.

U.S. crude has been declining since reaching a high this year of $61.43 a barrel on June 10.

Brent crude, a benchmark for international oils used by many U.S. refineries, declined $1.23, or 2.4 percent, to $49.18 a barrel in London.

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