Crude Oil Drops on Iraq Output While Swiss Stocks Advance

By Stephen Kirkland and Julia Leite

January 18, 2015 at 11:25 PM UTC

Updated on

January 19, 2015 at 10:08 PM UTC

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Oil fell after Iraq said it’s producing a record amount of crude. Switzerland led gains in European stocks and the franc weakened, while Chinese shares tumbled the most in six years as regulators cracked down on margin lending.

West Texas Intermediate oil slid 2.4 percent to $47.52 a barrel. The Swiss Market Index rebounded from a one-year low as the Stoxx Europe 600 Index added 0.2 percent. The Shanghai Composite Index fell 7.7 percent and Japan’s 10-year bond yield dropped to a record low. The franc led losses among 16 major currencies at 5 p.m. in New York, while Denmark’s krone climbed as the central bank cut its deposit rate. U.S. markets are closed for Martin Luther King Day. Brazil’s Ibovespa slumped 2.6 percent as utilities plunged amid power outages.