Oil falls below US$33 amid China turmoil
OIL slid below US$33 a barrel yesterday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.
The price of oil has shed around 70 per cent since the current downturn began in June 2014, causing pain to oil companies and governments that rely heavily on crude revenues.
Brent fell more than 5 per cent, or about US$2 per barrel, to a low of US$32.16, a level not seen since April 2004. It had recovered to US$33.45 by 10.43am GMT.
United States crude futures dropped more than 5 per cent to a low of US$32.10 per barrel, the lowest since late 2003, before bouncing slightly to US$32.97.