Oil prices plunge after rally

New York, Sep 2 (IANS) Oil prices plummeted Tuesday after a three-day’s big gain.

Market tumbled as a renewed selloff around the world’s equity markets made investors nervous, Xinhua news agency reported.

Chinese shares slumped for a second day on Tuesday on weak economic data, with the benchmark Shanghai Composite Index dipping 1.23 percent.

China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in August, down from 50 for July and the lowest since August 2012, according to official data released on Tuesday.

Oil prices jumped in the past three trading days as worries of supply glut eased.

The US Energy Information Agency estimated on Monday that the US crude oil production in June 2015 at 9.3 million barrels per day, a decrease of about 100,000 barrels per day from the revised May 2015 figure.

The Organization of the Petroleum Exporting Countries on Monday voiced concern about the impact of low crude prices on the petroleum industry.

The West Texas Intermediate for October delivery moved down $3.79 to settle at $45.41 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased $4.59 to close at $49.56 a barrel on the London ICE Future Exchange.

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