Crude oil falls below US $90 a barrel

For the first time since February Crude Oil fell below US $ 90 a barrel  as the credit crisis deepened in Europe with added concerns of global economic recession which may reduce demand for fuels.

OPEC President Chakib Khelil said today the price slide will continue next year, and Saudi Aramco, the world’s largest state oil company, cut its official selling prices for exports to Asia and US.

Crude oil for November delivery fell 4.99 dollars to 88.89 dollars a barrel (5.3 per cent) in electronic trading on the New York Mercantile Exchange.