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Oil Drops Below $90 a Barrel

SINGAPORE -- Oil prices fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels, according to the Associated Press.

Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work.

Light, sweet crude for February delivery fell 97 cents to $89.60 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.

Posted by Peter C. T. Elsworth  at 11:23 AM to Crude oil market | Permalink

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