The Traderszone Network

Published in TZ Latest News 11 August, 2015 by The TZ Newswire Staff

Oil prices fall after China devalues yuan

Oil prices fell on Tuesday after China devalued its currency in its latest effort to prop up economic growth, making dollar-priced commodities more expensive and weighing on the oil demand outlook for the world’s top energy consumer. A slowdown in China’s economy, which is still expected to grow by around 7 percent annually, has been a key driver for the sharp drop in oil prices over the past year along with rising global supplies.

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