Crude prices plunged below USD 52 after a report showed that US fuel consumption tumbled to nearly 3-year lows.
Fuel use dropped 4% last week as mild weather curbed heating-oil use. The report also showed that supplies of gasoline and distillate fuel rose for the fourth week.
The prices were also under pressure as the OPEC President urged members to comply with output cuts they agreed to make in November and February.
Currently, crude is trading at USD 52.57 per barrel, up 69 cents in after hours access trading on the Nymex.
The prices were also under pressure as the OPEC President urged members to comply with output cuts they agreed to make in November and February.
