Oil Falls to a Six-Year Low
Aerial photograph of oil storage tanks in Cushing, Oklahoma.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Oil sank to a six-year low as rising crude output and signs that China’s economy is weakening increased concern that a global surplus will worsen.
West Texas Intermediate futures tumbled 2.5 percent as the deteriorating outlook for Chinese growth follows the highest production from OPEC in three years in July. Iran’s nuclear deal with world powers last month fueled speculation that it will pump more crude, adding to the glut.