Oil slips back below $91 on economic worries and supply glut

Brent oil fell below $91 a barrel on Thursday, heading back to more than two-year lows as a supply glut and concerns about global economic growth have sent the price down 20 per cent since its June peak.

Brent for November delivery was down 41 cents at $90.97 by 1200 GMT, having fallen to $90.83 earlier. The front-month contract fell as low as $90.57 on Wednesday, the lowest since June 2012, before recovering to close at $91.38 - still down 73 cents.

US November crude lost 12 cents to $87.19 after closing $1.54 down in the previous session, during which it hit its lowest level since April 2013 at $86.83.