LONDON: Brent oil prices tumbled this week to a four-year low on plentiful crude supplies and on demand fears arising from global economic uncertainty.

Many commodities were hit by grim economic data, particularly from Germany, and after the International Monetary Fund (IMF) warned the eurozone could tip into recession.

On the upside, the coffee market hit a two-year peak as a “devastating” drought in key producer Brazil slashes supplies, analysts said.

Brent North Sea oil struck $88.11 a barrel, the lowest level since December 1, 2010.

New York’s light sweet crude hit $83.59 per barrel, last witnessed on July 3, 2012.

“The market is continuing its slide on the back of poor economic news in Europe and in particular Germany, and worries of significantly slowing growth,” said Andy Lipow of Lipow Oil Associates.

Both contracts have now plunged by about a fifth since striking their 2014 peaks in June.

“Growing oil supplies throughout the world outpacing a slowdown in energy demand continue to put downside pressure on crude prices,” added Capital Spreads dealer Jonathan Sudaria.

Crude futures tumbled as fresh evidence of economic weakness in the eurozone added to concerns over slowing global growth and abundant oil supplies.

Oil prices were also dampened by ample global supplies owing to increased US shale production, and a return to the market of Libyan oil after prolonged disruption due to civil unrest.

In the US, a key report also showed rising crude inventories, signalling weakening demand in the world’s top oil consumer.

By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November sank to $89.85 a barrel compared with $91.88 one week earlier.

On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for November recoiled to $85.68 per barrel, from $89.67 a week earlier.

The head of the IMF’s Middle East and Central Asia Department said the drop in global oil prices should not affect the spending plans of oil-producing countries in the Middle East in the near-term given their large financial reserves.

The official, Masood Ahmed, said that every oil producer in the region outside of the Gulf Cooperation Council and Bahrain were running fiscal deficits, and that the drop in prices would push those budget gaps even wider.

He, however, said their sizable financial reserves would allow those countries to continue with their spending plans in the short-term, although the price drop has raised a longer-term issue.