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Crude Falls Below $90 on Weaker Demand and European Debt Crisis: Report

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Oil fell below $90 a barrel for the first time since early August on lower oil demand and concern the worsening European crisis will reduce consumption, Bloomberg reported

Prices dropped after the Energy Department reported total fuel use decreased 1.1% in the four weeks ended Sept. 21 and inventories remained above the seasonal average after declining 0.7%. Stocks dropped for a fifth day and the euro weakened after the Bank of Spain said the country's economy is shrinking at a "significant pace."

Crude for November delivery fell $2.23, or 2.4%, to $89.14 a barrel on the New York Mercantile Exchange. The price reached $88.95, the lowest intraday level since Aug. 3. The futures are down 9.8% this year.

Brent oil for November settlement dropped $1.85, or 1.7%, to $108.60 a barrel on the London-based ICE Futures Europe exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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