Thursday, 7 January 2016
Brent crude hits new 11-year low as China worries add to glut
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Brent crude prices fell to fresh 11-year lows on Thursday as fresh concerns over China's economy added to huge storage overhangs, near-record production and slowing demand that have already pummeled prices.
China accelerated the devaluation of the yuan on Thursday, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was kicking off a virtual trade war against its competitors. Trading on its stock markets was suspended for the rest of the day.
Global oil prices have crashed 70 percent since mid-2014 as near record output from major producers like the Organization of the Petroleum Exporting Countries (OPEC), Russia and North America create a ballooning overhang that has left storage tanks around the world struggling to cope with the excess oil