Oil just hit another low

Photo by Robert Gray/Getty Images

After rallying 2.7% to over $30 a barrel in European trade overnight, the crude oil price has renewed its slide over US and Asian trade, plumbing a fresh 13-year low earlier today.

NYMEX front-month WTI futures fell to an intraday low of $27.92 a barrel, extending its slide from July 2014 to 75%. It was the first time since September 2003 that the price had fallen below $28 a barrel.

The daily chart from Thomson Reuters reveals below the ugly decline seen over the past two years.

Currently it trades at $28.20 a barrel, down 0.91% for the session.

The renewed slide corresponds with a report released by the International Energy Agency overnight in which the group warned that the oil market could drown in over-supply in 2016.

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