Singapore

US crude tumbled below US$28 a barrel in Asia on Wednesday, hitting new 12-year lows, after the International Energy Agency (IEA) warned that the oil market could "drown in oversupply".

West Texas Intermediate (WTI), the US benchmark, fell to levels last seen in September 2003, striking US$27.55 a barrel at one point. At around 0500 GMT, the contract was trading at US$27.68, down 78 US cents, or 2.74 per cent. WTI had closed at US$27.13 on Sept 23, 2003, after hitting an intra-day bottom of US$27.10.