The drop led a broad retreat in commodity markets, with the Reuters-Jefferies CRB commodity index down 3.5 per cent to near a five-year low.
The slump in oil and commodities prices came as the rally triggered this week by China's record spending stimulus mutated into fresh concerns about its economic health.
In New York, West Texas Intermediate oil prices tumbled to an intraday low of $58.32 a barrel, down almost $4, while in London, Brent oil prices fell below the key $55 a barrel level for the first time since January 2007. In response, several Opec members said they were supporting further production cuts and could meet ahead of their next gathering on December 17.
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