The brutal sell-off that has hammered oil prices since the turn of the year continued on Tuesday with one contract dropping below $30 a barrel for the first time in a dozen years, triggering further job cuts and fears that the rout has further to run.
As traders bet on lower prices, Brent crude fell nearly 4 per cent to $30.34 a barrel, extending losses over the first seven trading sessions of 2016 to 18.6 per cent.
On the other side of the Atlantic, West Texas Intermediate, the US oil benchmark, dropped as much as 4.7 per cent to $29.93 — the first time below $30 in 12 years.
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