Brent crude oil hits mega low

City A.M. Reporter
BRENT crude oil slid nearly four per cent yesterday, dropping below $90 a barrel for the first time in 18 months as weak economic data from China, the US and Europe pointed to slower oil demand.

A technical breakdown in crude futures on both sides of the Atlantic spurred further selling, with no bottom in sight, analysts said. Brent has fallen by nearly $40 a barrel since hitting $128.40 in early March, as increased production from Saudi Arabia has led to a rise in stockpiles.