Global oil prices fell Monday as investors apparently interpreted the bankruptcy of a major U.S. investment bank as a signal that the global economy could slow down, cutting demand for oil.
Prices were also pushed down by reports that Hurricane Ike did only limited damage to key U.S. oil producing and refining facilities.
In electronic trading in New York, the price of oil for future delivery was down more than $7, putting the price of a barrel of oil at $94.13.
That is the lowest price since February, and a drop of one-third since the record-high recorded in July.
Another benchmark oil price, Brent crude, fell even lower.
Some information for this report was provided by AFP, AP and Bloomberg.