Oil Plunges Amid Broad Commodities Selloff

24-Aug (Wall Street Journal) — The price of oil plunged on Monday amid a broad commodities selloff, as sharp declines in Chinese equities and concerns about global economic growth prompted investors to sell crude down to its lowest levels in over six years.

The global oil benchmark, Brent crude, fell 2.6% to trade at $44.26 a barrel on London’s ICE Futures exchange. This is the first time Brent has traded below $45 a barrel in six years, and it is now trading about 56% lower than its year-high of $103.19 a barrel reached in August last year.

On the New York Mercantile Exchange, West Texas Intermediate futures were trading below the key $40 level at $39.12 a barrel, down 3.3%. That is the lowest level in almost six-and-a-half years.

[source]