Crude oil is heading even lower to levels last reached six years ago.
On Thursday morning, West Texas Intermediate crude futures fell nearly 2% to as low as $US42.48 in New York.
Earlier this week, the 12-member oil cartel OPEC reported that its output rose to a 3-year high in July.
In the US, the latest data from the Energy Information Administration released Wednesday showed that crude inventories fell by 1.68 million barrels last week, a smaller-than-expected decline. Stockpiles remain at the highest levels for this time of year in at least 80 years.
WTI fell into a bear market last month, and is now down as much as 30% from highs reached in June.
Here’s a chart showing the decline in crude today:
And here’s what the last few weeks have looked like: