Oil fell briefly below the widely watched $30-per-barrel level on Tuesday, extending a selloff that has sliced almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint, Reuters reports.

Prices settled down 3 percent, a seventh straight daily decline for oil. The $30 mark is both a psychological and financial threshold with oil prices recording the worst seven-day run since the financial crisis.

U.S. West Texas Intermediate crude(WTI) CLc1 fell 97 cents to settle at $30.44 a barrel, a 3.1 percent loss, after touching a low of $29.93, which was last seen in December 2003. Benchmark Brent crude LCOc1 fell 69 cents settle at $30.86, after bottoming at $30.34.