Oil and gas prices fall sharply amid European recession fears

The International Energy Agency said it expected fossil fuel demand to peak by 2030 based on governments' current policies. 

The prices of global crude oil and European wholesale gas slid for the third straight session, after a flurry of slow economic data across Europe weighed on the outlook for energy demand. 

The price of Brent crude fell by $1.63, or just below 2%, to $88.20 a barrel, while the spot price for European gas slid by 4.5%.