New York: Because of the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand Oil fell as much as 5% on Tuesday. The key producer Iran hinted prices could drop to $25 a barrel without helpful from Opec.

A probable slide in the US oil rig count in the first quarter compared with the fourth quarter of last year botched to boost sentiment as traders and investors remain bonded on worries of oil oversupply.
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Oil prices are soaring near six-year slumps after a seven-month long selloff on doubts of a excess caused primarily by unpredictably high production of US shale crude.