Oil hits new 5.5-year lows on supply glut, Saudi move

Oil tumbled Tuesday to fresh 5.5-year lows, plagued by a supply glut, demand fears in the faltering global economy, and the strong dollar. Crude futures were also hit as OPEC kingpin Saudi Arabia reportedly cut its European and US export prices in order to maintain market share. US benchmark West Texas Intermediate for February tanked $2.29 to $47.75 a barrel, a low last witnessed in late April 2009. Brent North Sea crude for delivery in February dived $2.15 to $50.96 per barrel, the lowest leve