LONDON, Jan 23: World oil prices tumbled on Wednesday as a dramatic US interest rate cut failed to dispel concerns about a recession in key energy consumer, the United States, traders said.

“Persistent fears of a potential economic recession in the US, and the knock off effect on world growth, continues to haunt the markets,” said Sucden analyst Andrey Kryuchenkov.

New York's main contract, light sweet crude for delivery in March, sank $2.11 to $87.10 per barrel after earlier touching $87 — the lowest point since December 6.

Brent North Sea crude for March slid $1.56 to $86.89 per barrel.

However, analysts said on Wednesday that the Fed's move had not reassured the oil

market.—AFP