'Sell everything!' Dire warning from Royal Bank of Scotland as fears mount that markets are set for new crash and oil could plunge to $10 a barrel

Billions were wiped off the world's top stock exchanges as the oil price plunged to $30 a barrel, prompting panic in New York (pictured, top), the Nasdaq in Japan (bottom), and Britain's FTSE 100. But Standard Chartered claimed that oil prices may yet fall as low as $10 a barrel - last seen in 1998 - and analysts have predicted a 'cataclysmic year' for investors. RBS urged people to sell almost everything, saying: 'In a crowded hall, exit doors are small. Risks are high.' BP warned it may slash up to 4,000 posts, as analysts warned of a 'cataclysmic year' for investors.