Investing.com -
Crude oil fell 3% on Tuesday, heading toward $30 per barrel and levels not seen in over a decade, with analysts scrambling to cut their price forecasts and traders betting on further declines.
Prices are down around 20% since the start of the year, dragged lower by soaring oversupply, China's weakening economy and stock market turmoil, as well as the strong dollar, which makes it more expensive for countries using other currencies to buy oil.
International benchmark Brent crude futures dropped over 3% to a low of $30.43 per barrel, a level last seen in April 2004, before edging back to $31.79 by 12.13 GMT.
U.S. crude West Texas Intermediate fell to a low of $30.41 per barrel, a level last seen in December 2003, before pulling back to $31.09.
Traders and analysts said ballooning oversupply and China's slowing economy were the main reasons for the oil price rout, which has pulled prices down by over 70% since mid-2014.