World oil prices slumped this evening, with US crude hitting an 11-week low due to rising concerns about a weak economic recovery.
US crude stood at $72.06 a barrel, down $1.04 compared with Monday's close. Brent North Sea crude was down $1.01 at $72.61.
Markets today reacted to data showing that existing US home sales plunged a whopping 27.2% in July to levels unseen in more than a decade. The plunge was more than double the 12.1% expected by most economists.
Oil had fallen on Monday due to persistent worries that weakening growth in the US, the world's biggest energy consumer, could curtail demand.
