Oil prices fell to $32.62 per barrel on Thursday due to rising US energy stockpiles and a weakening currency in China.
US oil was at its lowest point since December 2008 when it reached $32.40 per barrel during the financial crisis.
Brent crude fell 4.7%, which is a new low in 11-years as the last time it was this low was during April 2004.
Oil prices have been affected by a huge oversupply and near-record outputs, which are currently 70% lower in value than in June 2014 when the downturn first started.
This is not good news for companies and governments who rely on oil revenues and they have suffered as a result of the falling prices. It was also affected by China, who depreciated the yuan on Thursday as this sent regional currencies and stock markets plummeting.
Countries are running out of storage for the amount of oil because it is so heavily oversupplied and the demand for crude usually falls when the US dollar is stronger against currencies of purchasing countries.
The US Department of Energy’s weekly reported showed that US commercial crude inventories dropped from 5.1 million barrels to 482.3 million. However, government data showed a fourth consecutive week of increases as US crude production gained 17,000 barrels a day, taking it to 9.22 million barrels each day.