Crude oil prices slid below 56 dollars a barrel on Tuesday after touching a 19-month-low of 53.88 on New York energy market.

New York's main contract, light sweet crude for delivery in February, closed down 45 cents at 55.64 dollars per barrel.

The contract had fallen as low as 53.88 dollars, the lowest point since June 2005, in the earlier trading on Tuesday.

Brent North Sea crude for February delivery settled down 42 cents at 55.18 dollars per barrel, after earlier slumping to 53.64 dollars, the lowest point since mid-June 2005.

Despite OPEC Crude oil prices have declined by almost 11 percent since the beginning of 2007 on falling demand for heating fuel.