Oil prices slumped by almost $3 a barrel this evening after US President George W Bush urged producers to take action over 'very high' prices and as fears of a US recession gathered pace.
President Bush's comments, on a visit to Saudi Arabia, prompted his hosts to vow to increase oil output when justified by the market.
Crude prices had soared to $100 a barrel at the start of the year, piling pressure on the US economy.
Today, US crude plunged $2.81 to $91.39 while London's Brent crude shed $2.29 to $90.63.
