31 Jan ,Mumbai
World oil prices tumbled close to six-year low this week, as record-high US crude inventories deepened worries over the global supply glut.
In another blow, official data showed that the US economy slowed sharply in the fourth quarter of 2014, sparking fears over demand in the United States, which is the world’s biggest oil consumer.
New York crude oil price fell to 43.58 US dollar per barrel, striking a low last seen on March 12, 2009. The oil market has lost more than half its value since June last year, when crude was sitting at more than 100 US Dollars a barrel due to a supply glut, boosted largely by robust US shale oil production, and weak global demand.