LONDON, Oct 18: Oil prices hit two-year low points on Thursday as investors scoffed at Opec efforts to talk the market up, highlighting the sudden impotence of the 11-nation cartel to influence prices.

The price of a barrel of Brent North Sea crude for December delivery fell as low as $20.32 in early trading, from $20.99 at the close on Wednesday, before recovering later to $20.53. London oil prices have not been as low since August 1999.

The New York light sweet crude December contract fell 41 cents to $21.40 a barrel early on Thursday.

Prices have fallen by more than 25 per cent since the September 11 attacks on the United States because of fears that a global economic slowdown will eat away at demand for crude.—AFP