Oil Prices Hit 6 Year Low
Follow CBSDFW.COM: Facebook | Twitter
NEW YORK (CBSDFW.COM/AP) -- The price for a barrel of US Crude oil slipped to its lowest level in more than 6 years on Tuesday.
Analysts say the slump may be caused by several factors. OPEC indicated that its production rose to a three year high which puts more product on the market. China devalued its currency, suggesting that economic growth there was soft which could lead to less crude demand in that country.
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.
(©2015 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)