Oil Market Update : Epic Research Singapore

China’s decision to devalue the yuan sent the U.S. oil benchmark tumbling Tuesday, settling at its lowest level in more than six years on worries over the health of the Chinese economy and the country’s appetite for crude.

Light, sweet crude futures for delivery in September CLU5, -0.19%  fell $1.88, or 4.2%, to finish at $43.08 a barrel on the New York Mercantile Exchange, its lowest settlement price since March 2009..

Brent crude LCOU5, -0.71% the global benchmark, fell $1.23, or 2.4%, to $49.18 a barrel on London’s ICE futures exchange.

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