Crude oil fell under the symbolic $100-a-barrel

Amid the concern regarding slowing economy and slackening oil demand that were raised by taking support of Wall Street’s woes, oil prices plunged sharply after over six months in triple-digit territory and traded below the symbolic $100-a-barrel on Monday.

In New York Oil futures touched its lowest level since February and settled at $95.71 a barrel, downward $5.47.

While gasoline prices soared due to hurricane Ike disrupted refineries and were up 16 cents a gallon nationwide in recent days, oil fell to new record.

Though hurricane Ike cause very minor damages to oil platforms in the Gulf of Mexico and to refineries along the coast, refineries had to remain shut down in advance of the storm, and many have yet to restart because of power failures.

In July oil prices topped at $145.29 a barrel but as oil consumption has slowed markedly in Western countries it have since been falling.

Some analysts assume that because of the crisis on Wall Street and the darkening economic outlook oil prices are expected to continue the slip in coming weeks. Adam E. Sieminski, chief energy economist at Deutsche Bank stated that Wall Street now has everybody worried about the global economy.

Previously in the beginning of the year analysts predicted that swelling demand and the limited growth in new supplies would push oil prices to $200 a barrel by the end of the year.

On Monday President Bush said hurricane had created an upward stress on prices. In some parts of the country, shortages pushed gas over $5 a gallon.