The June WTI contract plunged Movement.down.loss more than 40 % on Tuesday while international benchmark Brent dropped Movement.down.loss from levels above $ 24 per barrel .

Oil prices have plunged Movement.down.loss due to concern Negative_sentiment about slowing Slow.weak demand growth and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

The May contract for WTI , which expired Tuesday , plunged Movement.down.loss below zero for the first in history before clawing its way back into positive territory .

Oil prices plunged Movement.down.loss to multi-year lows Position.low on Monday as tensions Geopolitical.tension between Russia and Saudi Arabia escalate , sparking fears on the Street that an all-out price war trade.financial.tension is imminent .

Meanwhile , the September price for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it plunged Movement.down.loss 9 percent to below $ 83 a barrel .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Investing.com - Oil prices plunged Movement.down.loss in 2002 after the OPEC slashed Cause.movement.down.loss its global growth estimate for 2013 , which spooked investors with fears that a weaker Slow.weak global economy will demand lower Movement.down.loss fuels and oil than once anticipated .

`` The big mistake was that they continued to reduce Cause.movement.down.loss production to try to boost Cause.movement.up.gain the prices and the price plunged Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Oil futures plunged Movement.down.loss sharply in Wednesday and a more modest fall Movement.down.loss is expected over Tuesday .