(VOVworld) – The global crude oil market continues to record negative signals when the petrol price on Thursday dropped to its lowest in 12 years due to the turmoil in the Chinese stock market.

On the New York Mercantile Exchange, the West Texas Intermediate crude for February delivery dropped 70 cents to settle at 33.27 USD a barrel, the lowest since December 2003 while its price in the European market also touched 32.1 USD a barrel. Brent for February settlement slipped 48 cents to 33.75 USD a barrel on the London-based ICE Futures Europe exchange.  

Economist Jasper Lawler of the CMC Markets said the decline is attributed to negative development in the Chinese securities market on Thursday, which was shuttered 15 minutes causing worries among investors.