Oil prices dropped to the lowest level since the global financial crisis on Wednesday, the first day that U.S. crude was trading on the New York Mercantile Exchange (NYSE).

Crude oil, which is the main ingredient in gasoline, fell as much as $40 per barrel on the session.

Crude fell 1.6% to $50.25 per barrel in morning trade.

Brent crude, the global benchmark, fell 1% to settle at $49.63 per barrel.

U.K. crude fell 1%.

Canada’s benchmark C$1.3650 dropped 1.3%.

The slide comes amid fears about the global economy.

The global economy is in free fall, as well as oil, China and Europe.

The drop comes as the U.N. and other agencies have urged the world to cut emissions to avoid catastrophic climate change.

The Paris climate agreement, which aims to reduce global emissions, is set to be adopted next month in the face of opposition from some countries.

The U.A.E. is not a party to the accord, which requires countries to cut carbon dioxide emissions by more than the target of 26% by 2030.

The price of U.P. crude dropped to $53.70 per barrel from $54.90 on Wednesday.

It fell $1.6 from the day before, its lowest level in a week.

Brent was down 1.8% to close at $51.30 per barrel, its weakest level since March 8.

U,S.

benchmark crude fell 0.8%.