Oil declines on economy worries


Crude oil's price has fallen nearly 7% amid continued weak global demand, and high stock levels in the US.
US light crude was $2.58 lower at $34.93 a barrel in Tuesday trading in New York, while in London Brent crude had lost $2.25 to $41.03 per barrel.
Analysts said the fact Opec had still not fully implemented last year's output cut was another factor. The economic outlook will continue to dominate the first half of 2009.
The United States, eurozone and Japan are in synchronized recession.
Opec is expected to announce further cuts in output after it next meets on 15 March.
Oil prices hit record highs above $147 a barrel last summer, but have fallen back sharply since then as the global economy has suffered.