Crude Prices Move to Lowest Level Seen in Over Six Years on Demand Worries (OIL)

Crude oil prices are slipping once again early Friday and are heading to the lowest levels seen in over six years.

According to market data, crude reached an overnight low at $41.35 per barrel in New York. That's the lowest seen since March 2009 and is down about 0.7 percent from Thursday's settlement.

More than anything else, China has been in focus for stock and commodities traders the last few months. The country's move to devalue the yuan is also playing on crude prices, as imports of dollar-denominated goods into China will be more expensive, which could weigh on energy demand in the country.

Notably, China is the second-largest oil consumer worldwide.

In focus today are: iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and United States Oil Fund (NYSE: USO).

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