Crude, gasoline prices head lower
NEW YORK, N.Y. - Oil prices have traded under $90 a barrel for the first time in eight months. Traders expect the widening financial crisis could drastically reduce global demand for energy.
Light, sweet crude for November delivery was recently down $3.06 to $90.82 a barrel on the New York Mercantile Exchange. Oil prices have tumbled nearly 40 percent since peaking in July.
A significantly stronger dollar also weighed on prices. At the pump, auto club AAA says the average price for regular unleaded is down to $3.50 a gallon. That is down 61 cents a gallon from the record seen in mid-July.
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