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Oil prices tumbled to $32.62 a barrel on Thursday as a result of rising US energy stockpiles and China's weakening currency, the BBC reported.

Brent crude fell 4.7% while US West Texas Intermediate was down 3.9%.

For US oil, that was its lowest point since touching $32.40 in December 2008 during the global financial crisis.

But the price of Brent crude was seen falling to fresh 11-year lows. The last time Brent was so low was April 2004.

Huge oversupply and near-record outputs have continued to drag on oil prices, which are now 70% lower in value than when the downturn began in June 2014.

Companies and governments that rely heavily on oil revenues have been suffering as a result.

According to economist Mesrop Arakelyan, falling oil prices will have unforeseeable consequences for Azerbaijan’s state budget revenues that are likely to drop rapidly to a low.