Saudi Arabia gives little sign it will cut production despite Brent crude falling close to $51 a barrel
Oil prices sank to hit their lowest point in five and a half years on Tuesday as worries as a global supply glut intensified.
Brent crude fell by 3% to below $52 a barrel, as cuts to monthly oil selling prices for European buyers by Saudi Arabia heightened worries about oversupply. US crude was at $48.54, down $1.50, after falling to $48.47, its lowest since April 2009.