Oil prices plunged below 93 dollars on Monday, hitting a seven-month low on prospects of weaker energy demand in India, US, and China
Media Release
Sep. 15, 2008

Oil prices plunged below 93 dollars on Monday, hitting a seven-month low on prospects of weaker energy demand amid a worsening global financial crisis after Lehman Brothers'' bankruptcy, analysts said.

Brent North Sea crude for delivery in October tumbled to 92.84 dollars a barrel -- the lowest level since February. It later recovered slightly to stand at 93.42 dollars, a drop of 4.16 dollars.

New York's main contract, light sweet crude for October delivery, dived 4.40 dollars to 96.78 dollars a barrel.

"Oil futures were down ... as turmoil in the financial markets hurt sentiment and reinforced concerns about weaker oil demand growth," said Sucden analyst Michael Davies in London.

Oil prices were also weighed down by news that damage to US oil platforms caused by Hurricane Ike had not been as bad as feared, analysts said.

Oil prices plunged below 93 dollars on Monday, hitting a seven-month low on prospects of weaker energy demand in India, US, and China
Media Release
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