Squawk Box Live gave analysis on the oil markets which have seen further downward pressure.
U.S. West Texas Intermediate (WTI) crude oil slumped over 4 percent on Wednesday and edged lower to around $40.50 a barrel on Thursday morning. The commodity has hit a new 6-1/2-year low with data showing an unexpected stockpile build in the United States.
It's now hit levels not seen since early 2009, when economies worldwide were slowing after the financial crash with credit tightening and international trade declining. Here's how the morning unfolded.