The price of crude oil has fallen, with expectations of limited growth in industrial production, as markets are hit by the global economic slowdown.

The price of oil fell beneath $100 a barrel on Wednesday, after poor manufacturing data from both the U.S. and China led to low expectations of renewed economic activity.

The fall in oil price comes as crude stocks reached a new peak of 395.3 million barrels in the U.S., from an increase of 6.7 million, reaching the highest total on record according to the Energy Information Administration.

The reduction in oil value reflected an overall fall in valuation for a whole range of goods including shares and gold, with gold seeing a fall of $34 an ounce, as even secure products see the impact of continued economic stagnation.

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