Oil Drops to 4-Year Low as OPEC Decision Hits Oil Stocks
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Crude oil slid to a four-year low after OPEC refrained from cutting production to ease a supply glut, stoking declines in energy stocks worldwide. Government bonds rose, while Russia’s ruble weakened to a record low.
West Texas Intermediate oil tumbled 6.3 percent to $69.05 a barrel in electronic trading, as Brent crude fell to its lowest level since 2010. Canadian energy companies sank the most since 2011, dragging the Standard & Poor’s/TSX Composite Index down 0.8 percent by 4:30 p.m. in Toronto. The Stoxx Europe 600 Index climbed on record-low German unemployment. Ten-year French bond yields dropped below 1 percent as the ruble slid 2.6 percent. The Ibovespa fell after Brazil named a new finance minister.