Oil prices have plunged, despite a hefty OPEC cut in production.
OPEC intends to slash production by 1.5 million barrels a day in an attempt to stabilise prices as recession looms.
The decision to cut about 5% of the cartel's total daily output came after an emergency OPEC meeting in Vienna.
The move did not halt the sliding oil price with US sweet, light crude down $3.69 at $64.15 after wild swings saw greater falls in earlier trade.
Recession fears have pulled oil down from a high of $147 a barrel in July.
The sell-off also hit London Brent, down $4.40 at $61.52.
