LONDON: Oil prices slumped to just above 46 dollars here on Tuesday, reaching the lowest point in almost four years, as global energy demand weakened amid a widespread economic slowdown.
On London's Intercontinental Exchange (ICE), Brent North Sea crude for delivery in January hit 46.02 dollars -- the lowest point since February 18, 2005.
The contract later recovered slightly to stand at 47.43 dollars a barrel, down 53 cents compared to the close on Monday, when Brent had lost a huge 5.52 dollars.
On Tuesday, light sweet crude for January delivery fell to as low as 47.36 dollars on the New York Mercantile Exchange (NYMEX).
That was the lowest level since May 2005 and followed a dive of 5.15 dollars on Monday. Later Tuesday, light sweet crude was down 75 cents at 48.53 dollars a barrel.
