Oil prices tumbled Thursday, spurred by growing fears of a global oversupply and falls in stock markets around the globe.

U.S. benchmark crude was down nearly 2 percent to $26.94 a barrel at 9:08 a.m. EST. Earlier in the session, it dropped to $26.22 — near its lowest level since late 2003. Brent crude, the global oil benchmark, was down 1.75 percent to $30.30 on London’s ICE Futures exchange.

Oil prices followed losses in the wider financial markets. Stock futures suggested an opening loss for the S&P 500 in New York, while the Stoxx Europe 600 fell as much as 3.9 percent, its lowest level since October 2014, the Wall Street Journal reported.

“Global equities have been a negative price directional driver for the oil complex,” Dominick Chirichella, analyst at the Energy Management Institute, told the Journal Thursday.

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