Bloomberg reported oil dropped below $30 a barrel in New York for the first time in 12 years on concern that turmoil in China’s markets will curb fuel demand.

Bloomberg said West Texas Intermediate crude tumbled to the lowest since December 2003 on concerns that China’s economic growth may slow which has soured investors on the prospects for a quick recovery, turning hedge funds the least bullish in five years.

Bloomberg noted that oil extended a 70% drop since June 2014 as volatility in Chinese markets fueled a rout in global equities and U.S. stockpiles remained more than 120 million barrels above the five-year average.