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$30 Oil Just Got Closer as WTI Slides to 12-Year Low on China

  • WTI oil falls 2.1 percent as U.S. equities join global rout
  • Diesel slips to lowest since 2004, gasoline lowest since 2009
Bloomberg business news

Crude Falls to a 12-Year Low on China Turmoil

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Oil dropped to the lowest in 12 years as turmoil in China’s markets pushes crude closer to $30 a barrel.

West Texas Intermediate crude fell 2.1 percent on concern that the economic slowdown in the world’s biggest commodity consumer is worsening. The rout eased after China’s regulator suspended a circuit-breaker rule that halted trading automatically. Saudi Arabia is considering selling a stake in its state-owned company, which controls more than a tenth of the global oil market, Mohammed bin Salman, the kingdom’s deputy crown prince, said in an interview with The Economist.