Oil Plummets After OPEC Supply Hits a Three-Year High
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Crude closed at the lowest level in more than six years in New York as OPEC production climbed while China’s devaluation of the yuan bolstered concern that the world’s second-biggest economy will slow.
West Texas Intermediate futures tumbled 4.2 percent. The Organization of Petroleum Exporting Countries raised output by 100,700 barrels a day to 31.5 million last month, the most since June 2012, the group said in its monthly report, citing external sources. The Chinese move may curb demand as import costs rise. Gasoline futures were little changed as the unexpected shutdown of refinery units in New Jersey and Indiana raised the prospect of lower supplies in New York and Chicago.