Oil hit fresh six and a half year lows on Monday, pushing a broad index of commodity prices to its lowest level this century and heightening global disinflationary fears. Investor concern about a persistent oil glut weighed on markets. Brent, the international benchmark, dropped 2.6 per cent to a low of $44.20 a barrel in early trading, the lowest since March 2009. US West Texas Intermediate extended its losses below the $40 a barrel mark, falling 3.2 per cent to $39.15 a barrel, hitting a February 2009 low. Global stock markets tumbled on Monday, led lower by a 9 per cent fall in China’s Shanghai index as concerns about the health of the world’s largest commodity importer spread. “Increasingly bearish market sentiment — expressed through a sharp rise in non-commercial short positions in the oil futures markets — has added significant downside pressure on both Brent and WTI in recent weeks,” said analysts at BMI Research. “We believe that this downside has further to run.”