Oil falls to 8-month low below $90 a barrel
Tuesday, 7 October 2008
LONDON, Oct 6(Reuters): Oil fell below $90 a barrel Monday to its lowest in eight months, pressured by expectations that the global credit crisis will bring a sharp fall in oil demand.
US light crude for November delivery fell $3.85 a barrel to $90.03 by 1045 GMT, its fourth day of losses.
It touched a session low of $89.07, its lowest since early February. Prices have dropped nearly 40 percent from a peak of $147.27 on July 11.
London Brent crude was down $3.44 at $86.81 a barrel.
"The prevailing macro sentiment is now crystallising around the notion that we are heading into a synchronised global slowdown, a mirror image of the across-the-board expansion we saw from 2004 to early 2007," said Edward Meir, of broker MF Global.
US light crude for November delivery fell $3.85 a barrel to $90.03 by 1045 GMT, its fourth day of losses.
It touched a session low of $89.07, its lowest since early February. Prices have dropped nearly 40 percent from a peak of $147.27 on July 11.
London Brent crude was down $3.44 at $86.81 a barrel.
"The prevailing macro sentiment is now crystallising around the notion that we are heading into a synchronised global slowdown, a mirror image of the across-the-board expansion we saw from 2004 to early 2007," said Edward Meir, of broker MF Global.