World oil prices tumbled this evening, falling under $90 a barrel in New York as many investors took profits on recent gains to two-year highs.
US crude dived $2.38 to $89.17 a barrel, while Brent crude sank $1.71 to $93.13.
Prices had jumped to fresh two-year highs on Monday on growing confidence that global demand will increase after the US economy showed more signs of recovery.
US crude soared as high as $92.58 and London Brent hit $96.17, reaching their highest levels since October 2008.
The market edged higher in early deals this morning, before hitting reverse gear amid heavy profit-taking.
The oil market was also hampered by a late rebound in the US dollar, which makes dollar-priced crude more expensive for buyers using weaker currencies. In turn, that tends to dent demand and prices.
