World oil prices dived today to their lowest points for more than seven months on easing supply concerns.
The market discounted moves by OPEC members Nigeria and Venezuela to cut output, and focused instead on rising energy reserves and signs of an economic slowdown in the US.
In London today, Brent North Sea crude for November delivery plunged $2.04 to $58.41 a barrel in electronic deals, a level last seen on February 16. The contract had plummeted $2.03 yesterday.
New York's main contract, light sweet crude for delivery in November, tumbled $2.08 to $58.95 a barrel in pit trading today. That marked the lowest point since February 16. New York crude had shed $1.88 yesterday.
Prices were weighed down also by a plan aimed at breaking the deadlock over Iran's nuclear programme, dealers said.
Meanwhile, world oil markets absorbed news from Royal Dutch Shell that nine of the 25 oil contractors who went missing in Nigeria following an attack by heavily-armed assailants, have been freed.
Analysts also expect US energy data tomorrow to show that distillates, which include the key winter heating oil fuel, rose by another 1.3 million barrels last week.
Data published a week ago showed that US inventories of distillates jumped 2.6 million barrels to 151.3 million, nearing an eight-year high in the week ending September 22.
