Oil prices fell on Monday, November 17, as the news that Japan has entered recession added to the worries about global economic slowdown.

Light, sweet crude for January delivery plunged USD 2.11 to settle at USD 55.49 a barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures fell 5%, or 6.45 cents to USD 1.1746 a gallon after earlier touching a 52-week low of USD 1.168.

Heating oil dropped 3.68 cents to USD 1.795 a gallon at the NYMEX. The retail price of a gallon of regular gas stood at USD 2.087.

In London, Brent crude fell USD 1.93 to settle at USD 52.31 on the ICE Futures exchange.

Natural gas for December delivery rose 22 cents to settle at USD 6.533 per 1,000 cubic feet.