Oil futures extended their decline yesterday, with US crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.

August’s first full day of trading showed no let-up in July’s major themes — oil led commodities lower, currencies of resource-rich countries fell, Chinese stocks slid on economic concerns and European equities rose on earnings.

Crude oil prices steadied yesterday, as strong demand for oil products helped to balance a global overhang of crude oil for immediate delivery.