Monday, October 6, 2008

New York oil price falls below 90 dollars


The benchmark New York oil futures contract briefly fell below 90 dollars a barrel today in Asian trade.

New York's main contract, light sweet crude for November delivery, was 3.91 dollars lower at 89.97 dollars a barrel in late afternoon trade before rebounding to just above 90 dollars.

London's Brent North Sea crude for delivery in November had already dropped below the 90-dollar mark on September 16.

World oil prices have fallen sharply from record high levels above 147 dollars reached in July, on concerns that demand is slowing during a global financial crisis, dealers say.

- AFP

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