Oil prices slump before US stockpiles data

Oil prices tumbled almost $ three in trading today as traders awaited the latest weekly snapshot of crude inventories in the United States, the world's biggest energy consuming nation.        

Brent North Sea crude for December delivery dropped $2.87 to $ 63.57 a barrel on London's InterContinental Exchange (ICE).        

On the New York Mercantile Exchange (NYMEX), light sweet crude for December slid $ 2.98 to $ 67.55 a barrel.        

The drop in oil prices came ahead of the release later today of key US energy data, a gauge of oil consumption in the United States, also the world's biggest economy.        

Oil prices have more than halved in value since reaching record highs above $ 147 a barrel in July, when fears of supply disruptions had sent them rocketing.        

Crude futures have tumbled in recent months as a global economic slowdown dampens demand for energy worldwide.