Crude prices plunged on Tuesday as investors worried about a painful recession that could curb global energy demand, Xinhua repored.
Japan, the world's second-biggest economy, reported on Monday that its economy shrank 3.3 percent in the fourth quarter from the previous quarter, the worst performance since 1974.
The Federal Reserve Bank of New York said the Empire State Manufacturing Survey hit a new low of negative 34.7.
Fears also came from the U.S. stock markets as Wall Street tumbled more than 3 percent even after President Barack Obama signed into law the 787-billion-U.S.-dollar stimulus package.
Light, sweet crude for March delivery fell 2.58 dollars to settle at 34.93 dollars a barrel on the New York Mercantile Exchange.
In London, the March Brent contract fell 2.25 dollars to settle at 41.03 dollars on the ICE Futures exchange.
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