REUTERS, Jan 20, 2016–  World stocks sank to their lowest levels since 2013 on Wednesday, hit by another tumble in oil to 13-year lows that kept equity markets on track for one of their worst monthly performances ever.
U.S. stock futures were down 1.8 percent ahead of the open, after Wall Street saw its early gains on Tuesday erased by the tumble in U.S. crude.
U.S. crude wallowed at its lowest since 2003 after the world’s energy watchdog warned the market could “drown in oversupply”. U.S. futures shed 2.9 percent to $27.63 while Brent crude lost 2.5 percent, having slipped below $28 earlier in the session.
Another key commodity, copper, slipped along with oil, driving falls of 4.2 and 3.9 percent respectively in the basic resources and energy sectors.
While the dollar fell against the yen, it was strong against emerging markets, compounding the misery for many countries already suffering from low oil prices.