Oil prices have continued to plummet in Asia, falling to as low as US$92 a barrel, as investors feared the U.S. credit crisis which brought down brokerage giant Lehman Brothers will accelerate slowing global economic growth and falling demand for crude.
Light, sweet crude for October delivery declined US$3.41 to US$92.30 a barrel in electronic trading on the New York Mercantile Exchange midday Tuesday in Singapore. The contract fell US$5.47 overnight to settle at US$95.71, the first time oil closed below US$100 since March 4.
In other Nymex trading, heating oil futures fell 8.08 cents to US$2.7104 a gallon, while gasoline prices dropped 7.0 cents to US$2.4914 a gallon. Natural gas for October delivery fell 8.4 cents to US$7.29 per 1,000 cubic feet.
AP