For the first time since April 2004 March Brent oil futures price broke below $32 a barrel and slid to $31.87. The main bearish driver for oil was the problems with Chinese economy, which may seriously affect the global oil market and increase the pressure on prices.
As for the price of February WTI futures, it also fell by 5.37% and settled around $31.38 a barrel. Because of the global oil market surplus many companies main to cut costs and cut down production by reducing the number of rigs.
China is the second largest oil consumer, and the prolonged crisis at Chinese markets is making investors anxious.