Oil Futures Trade Below $30 a Barrel For First Time Since 2003

Oil futures extended their 2016 plunge, with the U.S. benchmark trading below $30 a barrel for the first time since December 2003. West Texas Intermediate oil for February delivery on the New York Mercantile Exchange were down $1.16, or 3.7%, at $30.25 a barrel after dipping as low as $29.93. A global oil glut, concerns about the global economy and a strengthening dollar have allowed crude to extend its slide into the new year. WTI futures have dropped more than 18% in the first six trading days of 2016.