NEW YORK Oil's weeks-long slump accelerated sharply on Monday with prices tumbling as much as 6 percent to fresh 6-1/2-year lows as a renewed dive in the Chinese equities market sent global financial markets into a tailspin.
A near 9-percent fall in China shares roiled global markets and sent the Dow Jones Industrial Average .DJI down more than 1,000 points in early trading. Wall Street pared losses by mid-morning, briefly easing oil's slide, but a second wave of selling re-emerged in the afternoon. [MKTS/GLOB] [.N]
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