Oil at 19-month lows in Asian trade

SINGAPORE: Oil prices hit their lowest levels in 19 months in Asian trade on Thursday, falling below $54 a barrel for the first time since June 2005.

At 9:16 am (local time) New York's main contract, light sweet crude for delivery in February, was down 33 cents at $53.69 a barrel after plunging $1.62 to $54.02 in late US trades.

The sell off added to recent price falls and came after a regular US Department of Energy report yesterday which showed stockpiles of distillates and gasoline (petrol) rose last week, offsetting a bigger-than-expected drop in crude oil inventories.

Distillates include heating fuel, demand for which has dropped substantially, particularly in the United States amid mild winter temperatures.