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| Version 1 | Version 2 |
|---|---|
| Oil falls more than $5 a barrel | Oil falls more than $5 a barrel |
| (about 1 hour later) | |
| 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 light sweet crude shed $5.47 to settle at $95.71 in New York. | 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 $5.20 to $92.38 a barrel. | London Brent also fell sharply, down $5.20 to $92.38 a barrel. |
| News that Hurricane Ike had not damaged refineries as much as feared also contributed to the fall in prices. | 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 its 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). |
| And uncertainty about the future of insurance giant AIG also weighed on the market. | 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. | "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. |