Oil tumbled to fresh 5.5-year lows yesterday, plagued by a supply glut, demand fears in the faltering global economy, and the strong dollar. Crude futures were also hit as OPEC kingpin Saudi Arabia reportedly cut its European and US export prices in order to maintain market share.

US benchmark West Texas Intermediate for February tanked 2.29 US dollar to 47.75 dollar a barrel, a low last witnessed in late April 2009. Brent North Sea crude for delivery in February dived to 50.96 US dollar per barrel, the lowest level since early May of the same year. Oil had also collapsed on Monday with New York crude breaching the psychological 50 US dollar mark for the first time since spring 2009.