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Oil price dips below $90 a barrel Oil price dips below $90 a barrel
(about 11 hours later)
Oil prices have fallen to an eight-month low of less than US $90 a barrel. Oil prices have fallen to an eight-month low of less than $90 a barrel.
Analysts say the decline reflects concern that the financial crisis in the US and Europe will lead to a global slowdown and a drop in demand for oil.Analysts say the decline reflects concern that the financial crisis in the US and Europe will lead to a global slowdown and a drop in demand for oil.
Shares on Gulf stock markets also fell fallen sharply. Shares in banks and building contractors were among those hardest hit. US crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to $83.68.
Shares on Gulf stock markets also fell sharply. Banks and building contractors were among those shares hardest hit.
The Saudi Arabian stock market, the largest in the Arab world, dropped more than 9%.The Saudi Arabian stock market, the largest in the Arab world, dropped more than 9%.
Other markets saw falls of between 4 and 6% - Dubai was 4.5% down, Abu Dhabi and Qatar 4%, while Kuwait shed 3.5% and Oman dipped 6%. Other markets saw falls of between 4% and 6% - Dubai was 4.5% down, Abu Dhabi and Qatar 4%, while Kuwait shed 3.5% and Oman dipped 6%.
The sharp falls, the biggest single-day losses in several years, came on the first day of trading after the Eid al-Fitr holiday that ends the month of Ramadan.The sharp falls, the biggest single-day losses in several years, came on the first day of trading after the Eid al-Fitr holiday that ends the month of Ramadan.