Oil fell below $33 a barrel for the first time since April 2004

On Thursday oil prices fell below $33 losing around 70 percent since mid-2014

January 7, oil prices continued sliding, falling below $33 a barrel for the first time since April 2004

Oil fell below $33 a barrel for the first time since April 2004 because of investors’ concerns of record production and massive stockpiles of unwanted crude and refined products, Reuters reports.

Brent fell more than 5 percent to a low of $32.16 before paring some of its losses. It stood down 3.4 percent at $33.07 at 1230 GMT.

U.S. crude futures hit a low of $32.10, their lowest since late 2003, before bouncing slightly to $32.72.

On Wednesday, U.S. government data showed a 10.6-million-barrel surge in gasoline supplies, the biggest weekly build since 1993.

Analysts said further builds in global inventories are possible, putting more pressure on prices.