The rout in global commodity prices deepened this morning as US oil and copper slipped into the red.
US crude oil futures tumbled more than two per cent in early Asian trading, as oversupply fears deepened.
US crude's West Texas Intermediate January contract fell 1.86 per cent to $41.12 a barrel, while benchmark front-month Brent futures for January dropped 1.05 per cent to $44.19 a barrel.
"The burden of carrying high US crude oil inventories is large," Kang Yoo-jin, commodities analyst at NH Investment and Securities, said.
"The markets would likely rebound only if they saw a fall in US crude inventories, while declining US crude output and seasonal demand provide some support to oil at low prices."
Meanwhile, copper fell to a fresh six-and-a-half year low, with traders betting metals prices would fall even further due to its biggest consumer China's slowing factory demand.
Copper prices were down 2.3 per cent to 201.30 US dollar/lb in early morning trading.
"The commodity rout continues, sending metals and oil lower as the dollar creeps north on expectations of euro-weakening European Central Bank stimulus next week and a US rate rise mid-month," Mike van Dulken & Augustin Eden, at Accendo Markets, said.
The euro has fallen against the dollar as European Central Bank officials have hinted that it will announce more monetary policy evening at its December meeting, at a time when the US Federal Reserve is gearing up for its first interest rate rise since 2006.