World oil prices tumbled today as a dramatic US interest rate cut failed to dispel concerns about a recession in the US, the world's biggest energy consumer.
US crude sank $2.11 a barrel to $87.10, while in London, Brent slid $1.56 to $86.89.
Analysts said the Fed's 0.75 point rate cut on Tuesday had not reassured the oil market.
Since the start of the year, the market has been dogged by fears that a US-led global economic slowdown could hit world demand for energy. Prices now have shed about 13% since striking a record high of $100.09s in New York at the start of January.
