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Kinder Morgan (KMI) Stock Falling on Sliding Oil Prices

NEW YORK (TheStreet) -- Shares of Kinder Morgan (KMI - Get Report) are slumping by 4.13% to $14.16 in late afternoon trading on Monday, as oil prices fall to new 12-year lows.

Crude oil (WTI) is down by 5.34% to $31.39 per barrel this afternoon and Brent crude is dipping by 6.08% to $31.51 per barrel, according to the CNBC.com index.

The price of the commodity is being weighed down by continued disturbances in the Chinese stock market, which threaten to push crude oil down to $20 per barrel, Reuters reports.

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Chinese blue-chip stocks declined by an additional 5% on Monday and interest rates for the yuan outside of the Asian nation swelled to almost 40% overnight, the highest since the launch of its market, Reuters added.

"The focus is still on China and the demand concerns in China moving forward into 2016," Tony Headrick, an energy market analyst at CHS Hedging, told Reuters.

China is the second largest oil consumer in the world.

Additionally, Morgan Stanley believes a rapid rise...


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