The price of oil has tumbled to below $42 a barrel after US jobs data revealed the largest number of job losses since 1974.
US crude oil for delivery in January 2009 fell to $41.54 at one point, after US government data showed unemployment hit 6.7 per cent, the highest since 1993.
Merrill Lynch yesterday predicted oil prices could fall to $25 a barrel if the recession hitting US and Europe reaches China.
Analysts see the sharp falls as further evidence of the downturn.
However, the fall in oil has helped petrol prices to drop in the UK. The average price at the pump has fallen to 90.8p a litre, according to PetrolPrices.com, while diesel is now 105.9p.
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