Oil prices hit 20-month low
* Price fall could cut fuel prices * Oil prices now back at 2007 levels * Production cuts could increase price, though...
Oil prices have plunged to a new low, raising the possibility of further cuts in fuel prices.
Crude fell to its lowest level since the start of 2007 as a result of lowering demand and fears over global economic instability.
Prices dropped to less than $55 a barrel, 60% below the record high of $147 it hit in July.
However, while the falling price raised the prospect of a short-term drop in fuel prices, there are concerns that oil producers will cut production, forcing them back up.