Oil prices yesterday extended a week-long crash, putting a brake on crude's two-year bull run and easing fears of a fuel crisis in the west this winter.

London Brent futures by late afternoon were down another 69 cents to $27.10 (€30.51) a barrel, deepening a slump that has cut the value of crude by $5.60, or 17 per cent, since last Wednesday.

Oil is now back in OPEC's $22-$28 target range for the first time since August.