Oil Prices Extend Losses On Weak Economic Data From China

Oil prices slumped by another 3% early on Wednesday, extending the 4% losses from Tuesday after manufacturing data from China disappointed and the U.S. dollar strengthened. As of 7:27 a.m. EDT on Wednesday, the U.S. benchmark, WTI Crude, had plunged below $68 per barrel, at $67.48, down by 2.89%. WTI crude oil futures sank below $70 a barrel on Tuesday amid concerns about opposition to the U.S debt ceiling deal. The international benchmark, Brent Crude, was down by 2.64% early on Wednesday at $71.61. WTI and Brent were on track to post a seventh…