Crude prices fell to a 21-month low on speculation that International Energy Agency (IEA) will cut its global demand estimate today and the US will report that stockpiles gained. Retail gasoline prices are down 9.4% since a year ago. The Energy Information Administration (EIA) oil inventory data and the IEA oil market report will come out today.

In after hours access trading, crude is currently trading down 0.74 cents at USD 55.42 per barrel on the Nymex.

Here is verbatim transcript of CNBC Analyst Sharon Epperson’s comments on CNBC-TV18. Also watch the accompanying video.

Oil prices continuing their fall even after close today, we have a fall now below USD 56 per barrel. We are looking at the weakness here, the lowest we have seen since January 2007 and we are seeing a slide across the board in energy complex with energy prices down 5% or more today.

Mastercard spending pulse came out with a survey this afternoon saying that retail gasoline demand in the last week was down about 4% versus a year ago, this as prices at the pump fell about 9%. We are going to get more indication of supply and demand here in the US firm, the Energy Department tomorrow at 11 am. Also the International Energy Agency will give its monthly report, they are expected to revise demand downward.

We will also be keeping a close eye on equities because the oil market has been following tick for tick over the past several days. Currencies also a big part of this story particularly the pound today, one can see the mirror image there of the dollar versus pound and the slide we have seen in oil prices.