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Article: Oil falls below US$90 as financial turmoil spreads
- Article from:
- AP Worldstream
- Article date:
- October 6, 2008
- Author:
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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 midday in Europe, light, sweet crude for November delivery was down US$4.03 to US$89.85 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as US$89.07 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$3.64 to US$86.61 ...