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Oil prices slump to lowest level in 6 years

4 years 11 months 1 day ago Tuesday, August 11 2015 Aug 11, 2015 August 11, 2015 3:45 PM August 11, 2015 in News
Source: Associated Press
By: Alex Veiga

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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