05 Aug '11, 1am

Oil prices hit their lowest close since Feb, tumbling 5.77% to close at US$86.63

Oil tumbled as much as 6 per cent, with US crude turning negative for the year and crashing through technical support to its lowest since February as mounting fears of a stalled economy set off a global race from riskier assets. In London, ICE Brent for September delivery settled at US$107.25 a barrel, falling US$5.98, or 5.28 per cent. It has slumped nearly 8 per cent in two days. US crude settled at US$86.63 a barrel, sliding US$5.30, or 5.77 per cent, the biggest daily percentage loss since May 5 and the lowest close since Feb 18. Prices are now some 24 per cent off their late April, 2.5-year high, crossing into technical bear market territory. The year's gains for US crude have been wiped out, as US crude ended 2010 at US$91.38.

Full article: http://www.todayonline.com/Business/EDC110805-0000084/Oil

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