Oil drops to $32 a barrel

Oil prices slumped to their lowest levels in more than 10 years Thursday as another dramatic fall on China's stock markets stoked fears of slowing demand in the world's second biggest economy.

U.S. crude futures fell over 5 percent to $32 a barrel. That followed a 6 percent drop on Wednesday.

Brent crude dropped 3 percent to $33 a barrel.

In China, stocks were halted for the second time this week after mainland markets fell 7 percent.

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