Oil hits eight-month low under $US90 Tuesday October 7, 2008, 6:19 am Crude oil prices have slumped to an eight month low points below $US90 a barrel as worsening financial turmoil triggered fears about slowing demand for energy, traders said. Prices have slumped almost 40 per cent in three months since they struck record highs of above 147 dollars in July. Brent North Sea crude for delivery in November tumbled 4.90 dollars to 85.35 dollars a barrel, after earlier hitting 85.15 - last seen at the start of February. New York's main contract, light sweet crude for November, shed 4.48 dollars to 89.40 dollars a barrel. The contract also hit a eight-month low point of 88.89. "The drops are down to concerns about growth in the world economy," said Damien Cox, senior energy analyst at John Hall Associates. "There is a lot of...
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