By JERUSALEM POST STAFF
Oil prices fell to US$92 a barrel on Monday in Asia on fears a US-led financial crisis is spreading across the globe, exacerbating an economic slowdown that will cut crude demand.
Light, sweet crude for November delivery was down US$1.76 to US$92.12 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. At one point, it fell as low as US$91.60 before bouncing back.
On Friday, the contract dipped 9 cents settle at US$93.88 a barrel.
Worries that the crisis is enveloping Europe intensified after Germany announced Sunday a new bailout package totaling 50 billion euros (US$69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender. The move is part of a scramble by European governments to save failing banks.
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