Crude oil slumps amid Chinese volatility and dollar strength

(MENAFN- ProactiveInvestors)Crude oil prices slumped further amid Chinese volatility and a subsequently strengthened dollar. The devaluation of China's currency - the response of the People's Republic after weak export stats - has panicked various commodity and equity market though it appears something of a kick to an already downed crude market. China's problems point to the potential for further weakness in the country's demand for oil. A stronger dollar itself also makes the crude a dollar denominated asset more expensive. In London trading Brent crude shed around 3% to around US$49 per barrel while at the same time West Texas Intermediary futures lost 4% to drop below US$43 for the first time since March.