Crude oil hits lowest price since December 2003

THE price of crude oil has dipped below $30 a barrel for the first time since December 2003.

Confidence in global markets has been shaken forcing the price of oil to the lowest it has been since 2003. Picture: Hemedia

Oil lost four per cent of its value today amid concerns of fragile Chinese demand and unrestrained global production.

The price had already fallen seven per cent on Monday.

The news comes as BP also announced today that they would be cutting at least 4,000 jobs as the oil and gas industry continued to decline.