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.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.