Crude oil plummets to $61 a barrel

Crude oil prices today tumbled to 61 dollars a barrel level as fears spread about recession soon gripping the leading economies like the US and the UK and a proposed production cut by OPEC also failed to halt the slide. the oil producing countries' group OPEC saying it would cut the output by 1.5 million barrels per day -- the first cut in nearly two years. Hitting its lowest level in about one-and-a-half years, the Brent Crude price today fell to a low of 61.07 dollars a barrel, before recovering partially to 62.5 dollars here.
The plunge in crude prices came on the back of reports that economic recession is imminent in the US and the UK.