Oil prices fell to their lowest level in 20 months on Tuesday, as weak economic growth continued to reduce consumption around the world. Crude oil futures on the New York Mercantile Exchange settled at $59.33 a barrel, down 5%. Prices have plummeted since hitting a peak of $145.29 a barrel in July.

Oil fell for a third day on Tuesday, dropping almost $1 to near a 17-month low on fears of a global recession, reported Reuters. US light crude for December delivery fell 92 cents or 1.4% to $62.30 a barrel by early Tuesday after touching a low of $61.30 a barrel on Tuesday, its weakest since May 2007.

And the slide continues! Oil prices skidded again on Thursday, with New York crude closing below 70 dollars a barrel for the first time since August 2007 on government news of a surge in US oil stockpiles.

Oil prices plunged below $93 on Monday 15 Sept 08, hitting seven-month lows.
Let’s see how fast the petrol companies here drop their prices.

Crude oil prices fell to a three month low as weather forecasters predicted that a storm in the Gulf of Mexico would miss offshore production facilities, according to Bloomberg. Crude oil fell $3.69 to end at $121.41 a barrel in New York, the lowest close since 5 May.