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Oil prices reach seven-month low Oil falls more than $5 a barrel
(about 3 hours later)
World oil prices have tumbled to seven-month lows due to mounting concerns about the state of the global economy. World oil prices have shed more than $5 ending below $100 a barrel for the first time in six months, spurred by concerns about the global economy.
With banking giant Lehman Brothers filing for bankruptcy protection, US crude was down $4.33 to $96.85 a barrel as global share prices also declined. With banking giant Lehman Brothers filing for bankruptcy protection, US light sweet crude shed $5.47 to settle at $95.71 in New York.
London Brent also fell sharply, down $5.16 to $92.42 a barrel, as investors moved funds to havens such as gold. London Brent also fell sharply, down $5.20 to $92.38 a barrel.
Early signs that Hurricane Ike has not damaged refineries on the Texas coast also contributed to crude's declines. News that Hurricane Ike had not damaged refineries as much as feared also contributed to the fall in prices.
Concerns over the financial health of the banking sector - and it wider global impact - were deepened by the news that fellow investment bank Merrill Lynch had agreed to be bought by Bank of America. Concerns over the financial health of the banking sector - and its wider global impact - were deepened by the news that fellow investment bank Merrill Lynch had agreed to be bought by Bank of America.
Merrill had been struggling with bad debts of more than $40bn (£22bn).Merrill had been struggling with bad debts of more than $40bn (£22bn).
There are also reports that insurance giant AIG needs an emergency injection of funds. And uncertainty about the future of insurance giant AIG also weighed on the market.
"Oil sold off in the aftermath of the collapse of Lehman Brothers and the buyout of Merrill Lynch," said Phil Flynn, an analyst at Alaron Trading in Chicago.