WTI oil price closed at lowest level in 6.5 years

Oil prices fell sharply yesterday. Brent dropped by 2.4% to $49 per barrel, while WTI even shed 4% to $43 per barrel - the lowest WTI closing price in 6½ years. That said, oil prices are largely resisting this morning's renewed selling pressure generated by the devaluation of the Chinese Yuan, both Brent and WTI trading at roughly the same level as they closed yesterday, notes Commerzbank. OPEC still sees the oil market as being significantly oversupplied.