Oil prices plunged about 5% on Tuesday to two-month lows as a sell-off in U.S. equity markets raised worries about demand growth and after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of U.S. sanctions on Iran.
Brent crude futures fell 4.4%, or $3.49, to $76.34 a barrel by 10.00 p.m. Indian Standard Time after plunging to $75.88, the lowest since September 7.
Wall Street tumbles
Wall Street sank about 2% as worries over profit growth, concerns over events such as the upcoming U.S congressional mid-term elections and Italy's budget have sent investors scrambling out of stocks.