Global oil prices have slumped nearly 20 per cent in the past six weeks pointing to lower pump prices for kiwis in the days ahead.

But while that's good news for consumers the downside is that it reflects growing worries about strength of the global economy.

Brent crude oil dipped below US$60 a barrel this week - off 18 per cent since late April.

The other key benchmark, West Texas Crude oil is off 22 per cent in the same period.

Advertisement

Prices for both commodities spiked briefly overnight, after attacks on oil tankers off the Gulf of Oman spooked markets.