Oil prices fell to four-and-a-half year lows today as investor pessimism over global crude demand outweighed the largest-ever production cut by oil producing cartel Opec.

Crude oil fell below $50 (€40) a barrel to its lowest level for three and a half years today amid fears over the impact of a global downturn on demand.

Oil prices fell to another near two-year low today as traders predicted the economic downturn would hit demand.