Wall St falls as crude oil prices tumble

Wednesday, 24 Feb 2016 06:01:59 | Thuy Ong

US stocks resumed falls having been at a six-week high. (Reuters)

Wall Street has slumped from six-week highs, closing lower as falling oil prices jarred investors and concerns over growth in China continued after the country devalued its yuan.

Crude oil plunged on speculation members of the Organisation of the Petroleum Exporting Countries (OPEC) members will not curb output.

Oil prices fell 4 per cent after Saudi's oil minister Ali Al-Naimi ruled out any production cuts, saying the kingdom's rationale on maintaining output was that demand would pick up any excess supply.

West Texas crude tumbled 4.5 per cent to $US30.07.

In New York, the Dow Jones Industrial Average lost 1.1 per cent to 16,432.

The Nasdaq was down 1.5 per cent to 4,504, while the S&P 500 dropped 1.3 per cent to 1,921.

Global markets also fell as China's central bank unexpectedly weakened the yuan, sparking concerns from investors about the state of the world's second largest economy.

Overnight, in London, the FTSE 100 lost 1.3 per cent to 5,962, the German DAX dropped 1.6 per cent to 9,417, while France's CAC 40 slipped 1.4 per cent to 4,238.

Weak overseas leads are set to weigh on the local market, with the ASX SPI 200 down 0.6 per cent to 4,916.

The Australian dollar has slipped against the greenback, at 8:55am (AEDT) was worth 72.1 US cents.

It was buying 80.7 Japanese yen, 51.4 British pence, 65.4 euro cents and $NZ1.083.

On commodities markets, spot gold added 0.7 per cent to fetch $US1,226 an ounce.

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Wall St falls as crude oil prices tumble

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