Oil hits new 5.5-year lows as Saudis defend stance

Oil prices tumbled Tuesday to fresh 5.5-year lows as Saudi Arabia blamed weak global economic growth and said it will stick to its guns on production policy. US benchmark West Texas Intermediate for delivery in February sank $2.11 to $47.93 a barrel, a low last witnessed in late April 2009. Brent North Sea crude for delivery in February dived $2.01 to $51.10 per barrel, the lowest level since early May 2009. "The market is still worried that there are no signs that the supply glut will star