U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world’s largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply.
Chinese stocks fell more than 6 percent on Tuesday as the yuan weakened against the dollar, raising fears that Beijing may further devalue the currency. Such a move could decrease China’s consumption and import levels.
Industrial metals, including copper, also traded near six-year lows, adding to bearish market sentiment. ∞∞∞∞∞ MORE »»»»