Oil falls below US$53
OIL prices fell below US$53 to almost a two-year low on Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.
Oil prices dropped below US$127 a barrel Wednesday, extending a decline of more than US$3 in the previous session on a growing sense that soaring prices have cut demand for gasoline and other fuel.