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Oil fell below $33 a barrel on Thursday for the first time since April 2004 as a fall in Chinese shares rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products, according to Reuters.
Oil prices have fallen by around 70% since mid-2014, hurting oil companies and governments that rely on crude revenue, Reuters reported.
"Negative sentiment is hurting demand expectations, growth is easing in China and there is a spillover from the inventory build in (U.S.) gasoline stocks from yesterday and this is reflected in prices," said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.
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U.S. crude futures hit a low of $32.10, their lowest since late 2003, before bouncing slightly to $32.72.
Prices trimmed early losses, with violence in the Middle East and north Africa offering a measure of support for the market.