Friday, August 21, 2015

Oil Crashes to Lowest Price in Six Years on China Fears

WTI crude has dropped below $40 per barrel for the first time in six years on Friday.

According to The Wall Street Journal’s Friday report, the drop in manufacturing in China contributed to the 3.2-percent crude price slump.

Global oil prices decreased more than twofold, dropping from $100 to $45 per barrel for Brent crude in the second half of 2014, due to oversupply.

The Organization of the Petroleum Exporting Countries (OPEC) elected in November 2014 to maintain oil production levels, accelerating the price decline.

According to the International Energy Agency (IEA), global oil prices will fall further in 2016 in response to decreased demand.


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