Oil Closes Below $100 for First Time in 6 Months

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

Crude prices have now given up virtually all their gains for the year, extending a steep, two-month slide from record levels above $147 a barrel.

Oil’s pullback – prices tumbled as much as $7 in a special trading session Sunday – also came as early signs suggested that 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.

Oil Closes Below $100 for First Time in 6 Months – Arkansas Business

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