U.S. oil futures fell under $32 a barrel on Monday for the first time since December 2003, with concerns over an economic slowdown in China and expectations that oil from Iran will soon hit the market setting prices up for a sixth straight session decline.

February West Texas Intermediate crude shed $1.51, or 4.5%, to $31.65 a barrel on the New York Mercantile Exchange, following a drop of more than 10% last week. Prices on Nymex haven’t settled under $32 since December 2003, according to FactSet data, tracking the most-active contracts.

February Brent crude, the global crude benchmark was $1.60, or 4.7%, at $31.95 a barrel on London’s ICE Futures exchange.

Source: MarketWatch