Crude oil lost nearly 7 percent on Tuesday as a series of negative reports on US economy, housing and consumer confidence suggested the economic downturn is worsening.

Light, sweet crude for January delivery fell US$3.73 to settle at US$50.77 a barrel on the New York Mercantile Exchange.

The US government reported Tuesday that the US economy shrank 0.5 percent in the third quarter, which is more than the market has expected.

The New York-based Conference Board reported that though consumer confidence in the US rebounded in November, Americans' outlook on the economy remain the gloomiest in decades.

Moreover, the Standard & Poor's/Case-Shiller US National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at the lowest level since the first quarter of 2004.

In London, Brent crude for January delivery fell US$3.58 to settle at US$50.35 a barrel on the ICE Futures Exchange.

(Xinhua News Agency November 26, 2008)