LONDON, Nov 6: Oil prices on Thursday tumbled under $58 a barrel, reaching the lowest level for nearly 21 months as recession fears gripped markets, traders said.
On London’s InterContinental Exchange (ICE), Brent North Sea crude for delivery in December dived more than $4 to $57.46 a barrel -- the lowest level since February 2007.
At about 15:55 GMT, the contract recovered slightly to stand at $58.08, down $3.79 compared with Wednesday’s close.
On the New York Mercantile Exchange (NYMEX), light sweet crude for December fell $3.80 to $61.50 a barrel.
Oil prices had already tumbled by more than $5 on Wednesday on NYMEX as US data showed demand falling in the world’s biggest energy consuming nation, highlighting worries about a slowing global economy.
Prices have plunged in recent months as a global economic slowdown dampens demand for energy worldwide, coming off record highs above $147 in July when fears of supply disruptions had sent them rocketing.—AFP
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