Crude oil fell to $92.63 a barrel in Asia in electronic trading on the New York Mercantile Exchange as the turmoil in the financial markets stoked fear in investors that weakness in the global economy could lead to less demand for fuels.
Reformulated gasoline fell 6 cents to $2.50 a gallon, while heating oil fell 8 cents to $2.71 a gallon.
The price of crude dipped briefly below $92 a barrel in Asia overnight.
Also adding to the drop in oil prices was the assessment of oil rigs off the Gulf of Mexico after Hurricane Ike slammed into Texas on Saturday. The storm hit the Texas coastline, causing infrastructure damage that's likely to disrupt oil supply to some extent.
On Monday, crude settled down by $5.47 a barrel to $95.71, the first time oil closed below $100 since early March.
This article was written by a staff member of TheStreet.com.