Stock markets around the world suffered large losses on Wednesday as the collapse of oil prices rolled on.
Europe's main markets - London's FTSE 100, Paris' Cac 40 and Frankfurt's Dax - all lost 3%, cancelling out gains made on Tuesday. The latest falls means the FTSE 100 is close to being 20% lower than the all-time high reached in April last year.
A further fall would move the index into a 'bear market', where shares are continually falling, prompting investors to sell their shares.
Markets in Dubai and Japan suffered big losses as well, and the Russian rouble fell to all-time lows against the US dollar.
The latest losses come after oil prices continued to slide. Brent crude oil fell 2.4% to $28.08 per barrel, meaning prices are now 75% cheaper than their peak during the summer of 2014.