European markets fell, sending the Dow Jones down for the first time in six days.
Meanwhile record declines in European and Chinese manufacturing signaled the global economic crisis is getting worse.
The FTSE dropped close to five percent. Germany’s DAX lost 6 precent and France’s CAC 40 fell 5 percent.
Brent crude is selling at 48 dollars a barrel after opening at 52 a barrel.
And House prices in England a Wales fell 8.1 percent in the last 12 months and UK mortgage approvals are at their lowest since 1999.