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Oil prices have dropped by $6 (£2.99) - the largest fall in one day for 17 years.
In news that could benefit home heating oil users, a barrel of the commodity slipped by $6.44 or 4.4 per cent on Tuesday.
This is the biggest fall since 1991 when oil prices were over $100 cheaper than today's prices.
Yesterday, values for a barrel of oil steadied at just under $140 a barrel a mark after the fall, finishing on $138.74.
It is thought that a weakening US economy means demand for oil is falling, causing oil prices to slip.
According to James Ritterbusch, president of Ritterbusch & Associates, there is still a danger of real economic slowdown to the point of recession.
"We're getting to the point where the market's looking at an increasing likelihood of a deep recession," he told Bloomberg.
Yesterday, Iran warned that oil prices could rise if its nuclear plans are restricted.
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