Oil tumbles on fiscal cliff fears, European debt

NEW YORK, Nov. 7 (Xinhua) -- Crude prices tumbled Wednesday on fears of "fiscal cliff" in the U.S. and worsening European debt problems.

U.S. financial markets plunged Wednesday, with equities falling broadly as investors shifted focus to looming "fiscal cliff" in U. S. and euro zone crisis after U.S. election.

After Barack Obama was reelected as U.S. president on Tuesday, investors came back to concerns over the "fiscal cliff", caused by the 600-billion-U.S.-dollar tax increases and government spending cuts that would automatically kick in on Jan. 1.

Economists and business CEOs have been warning that "fiscal cliff" could trigger a recession, which cast shadow over the market.

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