LONDON, Mar 16: Oil prices have tumbled, weighing down energy shares in the world in wake of a report of rising crude stocks.
Oil prices slid to three-month lows after OPEC reported a rise in global crude stocks and a surprise jump in production from its biggest member, Saudi Arabia, despite output curbs by the group.
US crude prices fell 1.8 percent to $47.53 a barrel, touching their lowest point since Nov 30. Benchmark Brent crude fell 1.4 percent to $50.63 a barrel.
Economists say that the recent slide in oil prices will lead to cut in petroleum products prices in local market.
It is to be mentioned here that the government has raised POL products prices at the start of this months citing rising prices in International markets.