Oil price hits lowest level in 6½ years

LONDON, Aug 14: The price of crude oil hit its lowest level in 6½ years Friday amid concerns over a slowing economy in China, a huge energy consumer, and strong global production.  The US crude contract fell as low as $41.35 a barrel, the weakest level since early 2009, when the global economy was in the throes of a massive financial crisis and recession. By late morning in Europe, the price was around $42 a barrel. The oil contract has been declining since touching a high of $61.43 on June 10.      — AP