Oil prices fell on Tuesday to settle at a 22-month low as concerns about global economic weakness pushed down markets.
Uncertainty about the fate of talks over aid for General Motors Corp and other US automobile makers fueled worries that helped send US stocks lower.
US crude settled down 56 cents at $54.39, the lowest settlement since Jan. 29, 2007, erasing gains seen earlier in the day. London Brent crude fell 47 cents to settle at $51.84 a barrel.
'Crude oil futures moved down with Wall Street,' said Andy Lebow, broker at MF Global. 'The oil market is in a major downtrend and moving down with equities confirms there is a lack of confidence in what brought prices up earlier.' -Reuters