Oil closes below $100 for first time in 6 months

Oil prices have closed below $100 a barrel for the first time in six months, tumbling more than $5 after the demise of Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co. fed worries about the U.S. economy and sparked another dramatic sell-off.

<p>Also on Wall Street, Dow Jones industrials are down 400 as the market reacts to LehmanVisit VolunteerTV.com for details. (Copyright 2008 by The Associated Press. All Rights Reserved.) ' />

NEW YORK (AP) -- Oil prices have closed below $100 a barrel for the first time in six months, tumbling more than $5 after the demise of Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co. fed worries about the U.S. economy and sparked another dramatic sell-off.

Crude's steep decline Monday also came as early signs suggested Hurricane Ike delivered less damage than feared to the Gulf Coast energy oil and gas infrastructure.

Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange -- oil's first settlement under $100 since March 4.

Crude has fallen over $50, or 35 percent, from its all-time trading record of $147.27 reached July 11.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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