Oil prices tumble 5% amid weakening US demand

The news: Crude oil prices have slid sharply overnight after data showed weaker demand and higher stock levels in the key US market.

The numbers: Benchmark Brent crude oil futures ended down USD5.11, or 5.6%, at USD85.81 ($136) a barrel, while US West Texas Intermediate crude (WTI) fell USD5.01, or 5.6%, to USD84.22. Oil prices have fallen by about USD10 since last week's settlement.

The context: The slide in prices comes after data showed seasonally adjusted US gas consumption last week fell to its lowest level in 22 years after torrential rains in the US Northeast in late September and as a 30% spike in fuel prices in the third quarter of this year depressed demand. US gasoline stocks have also jumped, far exceeding expectations.