Oil prices fell by nearly 5% this evening after bleak economic data from top energy consumer the US sparked fresh concerns about demand. US consumer confidence slipped to a record low in January, a survey showed.
US crude was down $2.27 to $43.46 a barrel, while London Brent crude fell $2.42 to $44.54.
The global economic crisis has weakened crude demand, especially in developed economies, and pushed prices off record peaks over $147 a barrel struck in July.
US inventory data to be released this week is expected to show another rise in stockpiles as consumption weakens.
Rising inventories and slumping prices prompted producer group OPEC to agree to a series of steep output cuts during the second half of 2008.
