Oil slides as traders view gains as excessive

Brent crude oil for settlement next month fell as much as US$3.59, or 7.9 percent, to US$42 a barrel on London’s ICE Futures Europe exchange.

It was at US$42.48 a barrel at 9:14am London time. The contract on Wednesday rose US$5.44, or 14 percent, to settle at US$45.59 a barrel.