Oil Closes At 6-year Low After China Devaluation

By William L. WattsMarketWatch Pulse

Oil futures plunged Tuesday, with the U.S. benchmark settling at its lowest level in more than six years after China devalued its currency. September crude-oil futures for delivery on Nymex dropped $1.88, or 4.2%, to settle at $43.08 a barrel. Oil was under pressure after China's decision to devalue the yuan raised concerns about the strength of China's economy and its appetite for crude and other commodities that will now be more costly in yuan terms.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below