Oil falls below US$90 as financial turmoil spreads
Oil prices fell to an eight-month low below US$90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.
Significant gains by the U.S. dollar against the euro also contributed to slumping oil prices.
By mid-afternoon in Europe, light, sweet crude for November delivery was down US$3.83 to US$90.05 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as US$88.89 a barrel before recovering slightly.
On Friday, the November contract lost 9 cents to close at US$93.88 a barrel.
In London, November Brent crude fell US$3.38 to US$86.87 a barrel on the ICE Futures exchange.