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1st LD Writethru: Oil prices plunge after rally

Xinhua, September 2, 2015 Adjust font size:

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.

Chinese shares slumped for a second day 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 Tuesday morning.

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

U.S. Energy Information Agency estimated Monday that U.S. 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 U.S. dollars to settle at 45.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased 4.59 dollars to close at 49.56 dollars a barrel on the London ICE Future Exchange. Endit