Oil Dips Below $100 for First Time in 5 Months

By John Johnson,  Newser Staff
Posted Sep 12, 2008 1:23 PM CDT
Oil Dips Below $100 for First Time in 5 Months
This file photo shows a new oil rig in the works in the Sakhir, Bahrain, desert.   (AP Photo)

The price of crude oil slid briefly under $100 a barrel today for the first time in 5 months, Reuters reports. The development came even as Hurricane Ike bore down on the Texas coast and its many refineries; investors apparently think the slowing world economy will continue to drive down demand. After trading at $99.99, the price ticked back up to $100.27. (Read more oil prices stories.)

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