Oil dropped more than 6 percent to below $88 a barrel as a global market rout churned concerns that faltering fuel demand could slow further. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel.

Crude prices have plummeted from a peak over $147 a barrel set on July 11 as high fuel prices and the growing financial crisis slow oil demand in top consumer the United States and other industrialized nations. …click here to read more

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Oil prices extended their sharp decline on Tuesday, as financial worries cast a shadow on economic growth. In two days, oil has dropped $10 a barrel.

The price of oil has lost more than 37 percent since it peaked in early July at $145.29. The drop accelerated on Monday after Wall Street suffered its worst day since 2001, and Lehman Brothers filed for bankruptcy protection. …click here to read more

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