Oil Prices Fall on Slowdown Concerns

Washington, DC, Sept. 29, 2008--Oil prices sank more than $5 to almost $101 a barrel Monday on concerns that economic growth will slow across the globe despite a tentative agreement in Washington on a $700 billion bailout package to stabilize the U.S. financial system.

By the afternoon in Europe, light, sweet crude for November delivery was down $5.55 to $101.34 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.13 to settle at $106.89 on Friday.