Oil

Both crude benchmarks are down roughly 40 percent from highs touched in October.

The closest of the 10 oil discoveries Exxon has made off Guyana's coast is 110 kilometers (68 miles) away from where the incident took place.

Political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns.

OPEC and other large oil producers agreed earlier this month to cut their combined crude output by 1.2M barrels per day.

Both benchmarks are down more than 35 percent from their recent peaks in early October.

Cheap oil prices will backfire on consumers and drillers.

Crude has lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year.

Oil needs to be on the Fed's radar

Oil futures contracts are now at or close to their lowest levels for over 14 months.

Tuesday's sell-off was encouraged by a sharp fall in world stock markets after signs that economic growth was slowing.

Prices settled below $50 per barrel for the first time in a year on Monday.