FXStreet (Mumbai) - Oil benchmarks on both sides of Atlantic extend the ongoing rout and slump to fresh multi-year lows on Thursday, as mounting excess supplies worries and renewed China market turmoil dampen sentiment. Both crude benchmarks sit at multi-year lows Currently, WTI drops over -3.50% to fresh seven-year lows of 32.72, while the Brent oil plunges nearly 4% to new 12-year lows at 32.87 levels. Oil prices remain relentlessly offered as the demand for the black gold was smashed on wide-spread risk-off trades, triggered by the Chinese markets meltdown on another round of PBOC yuan devaluation. Moreover, bleak global growth outlook coupled with the ongoing weakness in China’s stock markets seem to completely rattle investors’ confidence in risky assets and therefore, weigh on the oil prices. The World Bank on Wednesday slashed the global growth outlook for 2016 to 2.9% from 3.3% seen previously. Furthermore, the omnipresent supply glut worries continue to weigh on the oil markets, while the fall in crude reserves as reflected by the EIA report also failed to lift the moods. Crude inventories in the US fell by 5.1 million barrels in the week to January 1, while markets had predicted a rise of about 133,000 barrels. For more information, read our latest forex news.