Oil price plunge signals high uncertainty over economy: IEA

PARIS: Oil is riding a "big dipper," with prices plunging again on uncertainty about debt levels in the West, signs of a slowdown in emerging markets and political paralysis, the IEA said on Wednesday.

"Crude oil prices have plunged for the third time in three months," the IEA said, noting a drop of $12-15 dollars a barrel in about 10 days, as it cut its demand forecast for this year.