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BSE Sensex and Nifty slumped today as a tumble in oil prices roiled global markets. The Sensex fell to over 500 points to 27,330 at its day's low, tracking weak Asian shares tumbled as sliding oil prices and political uncertainty in Greece forced investors out of risk assets.
US crude crashed below $50 a barrel on Monday while benchmark Brent tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports near 35-year peaks. The unrelenting slide in oil prices showed little signs of slowing in the New Year, plunging as much as 6 per cent on Monday to hit their lowest since spring 2009, as increased output of US shale oil has exacerbated a global supply glut.
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