LONDON, Oct 3: World oil prices sank under $59 on Tuesday, hitting the lowest points for seven and a half months as traders focused on healthy US stocks and a potential end to the Iranian nuclear crisis.

Crude futures, which lost about $2 on Monday, shed 3.0 per cent in value on Tuesday to strike their lowest levels since February 16.

New York’s main contract, light sweet crude for delivery in November, tumbled $2.19 to $58.84 per barrel in pit trading.

That was 25 per cent lower than an all-time peak of $78.40 in July.

The contract later pushed back up to $59.25.

Brent North Sea crude for November delivery plunged $2.08 to $58.37 per barrel in electronic deals on Tuesday.—AFP