Falling for the fourth consecutive day, oil prices have dropped to US$91 a barrel, on concerns that efforts to restrain the spreading financial crisis will not be successful in avoiding a further decline in oil demand. US light crude for November delivery dipped to US$91.91 a barrel, hovering around seven-month low of US$90.51 a barrel touched on Sept. 16.
Friday marked the passing of the US$700 billion bailout bill in USA, accompanied by a growing perception that the bailout package will hinder US growth. Europe witnessed a scuttle to salvage three banks, accentuating the effect of the credit crisis. Oil demand has weakened in USA-the world's top consumer, Japan and Europe. Fears abound that demand will start shrinking in China, whose rapid growth helped trigger oil's rise from just $20 a barrel in 2002.
06-Oct-08 
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