Oil prices tumble on fears over world economic recovery

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The price of crude was down more than eight per cent yesterday, pressured by data showing stagnant energy in the US, a stronger dollar and worries about fiscal turmoil in smaller euro-zone countries.

American crude for March delivery fell 36 cents to $72.53 a barrel. It came down 75 cents to $72.89 a barrel on Friday after reaching a five-week low of $72.43. London Brent crude fell 33 cents to $71.13.

"The cold weather premium is coming off and investors have to consider the pace of global economic recovery, actual oil demand and a strengthening US dollar," said Benson Wang, an oil trader at Commodity Broking Services in Sydney.

"Looking at how crude oil prices have collapsed in the last one to two hours of trading in the past few sessions, I think it shows a trend whereby investors are trying to get out of their long positions."

Money managers cut their net long crude oil futures position on the New York Mercantile Exchange last week, the Commodity Futures Trading Commission said on Friday.

A fall in China's Purchasing Managers' Index to 55.8 last month from 56.6 in December, the first month-on-month deterioration since May 2009, also weighed on sentiment. Analysts said there was a persistent worry that China would further tighten monetary policy.