Crude Prices slide to 5-year lows in Global Markets

Oil prices drop to new lows after Saudi Arabia's oil minister repeated that Riyadh has no plans to halt production. US crude has tumbled to five-year lows and stood at near 60 dollars a barrel. Global benchmark Brent crude price also lost two-point-60 dollars and fell below 65 dollars a barrel. That's the lowest mark since July 2009. Recent comments from the Saudi oil minister, along with slow growth in China and emerging-market economies, the recession in Japan and a near-stall in the eurozone are the main reasons of the price fall. Also last month, OPEC said it would maintain output levels despite the saturated oil market.