US West Texas Intermediate (WTI) crude and Brent crude futures tumbled to the 12-year low on Monday amid the continued oil price slump amid global overproduction and new concerns over Chinese stock market, Sputnik reported.
According to market reports, Brent crude futures dropped by 6.41 percent to $31.75 a barrel, its lowest since April 2004.
WTI crude sank by 6.21 percent to $31.10 per barrel, the lowest since December 2003.
Recent turbulence in the Chinese stock market have caused a knock-on effect across the world. China's trade suspension last week was followed by Wall Street sliding one percent and European stock markets slumping by two percent.