Crude oil prices careened lower Wednesday on news of surging US energy reserves that highlighted falling demand in a cooling global economy gripped in a credit squeeze.
A sharp rise in the dollar also put pressure on the dollar-priced commodity, making it more expensive for buyers using relatively weaker currencies.
Brent crude oil plunged five percent, to a 16-month low below 65 dollars a barrel.
In London, Brent North Sea crude for December delivery fell to 64.59 dollars, its lowest level since May 9, 2007.
New York's main contract, light sweet crude for December, slid to 66.73 dollars a barrel, a low last seen on June 14, 2007.