Oil prices fell further today after shedding over $1 the previous day as traders fretted over falling global stock markets, spreading recession and the outlook for energy demand.
New York's main futures contract, light sweet crude for May delivery, lost 95 cents to $50.10 a barrel. Brent North Sea crude for May fell 54 cents to $52.70.
The market was also undermined by the strengthening dollar, which makes dollar-priced crude more expensive for buyers using other currencies and therefore tends to dampen demand.
The economic slump has slashed energy demand, with prices now trading far below last July's record peaks of above $147.
