Date:07/10/2008 URL: http://www.thehindu.com/2008/10/07/stories/2008100756381600.htm

Business

Oil falls below $90 a barrel

NEW YORK: Oil prices broke beneath a key support level on Monday, trading under $90 a barrel for the first time in eight months on expectations that a widening financial maelstrom will drastically reduce global demand for energy. Light, sweet crude for November delivery fell $3.06 to $90.82 a barrel on the New York Mercantile Exchange, after earlier dipping to $88.89.