Oil prices drop 13% from all-time peak

Consumers heaved a sigh of relief, after Purnomo Yus-giantoro, president of Organization of the Petroleum Exporting Countries announced that the world oil market was oversupplied of 1.5 million barrels per day. He also added that oil prices might soon come down to $30 a barrel.

US light crude fell 54 cents to close at $42.77 a barrel as profit booking intensified, bringing prices down 13 per cent from August's all-time peak of $49.40.