Crude oil continues its descent

Crude oil tumbled, dipping below $91 a barrel and taking its two-day decline to more than $10 on concern that turmoil on Wall Street may weaken the global economy and reduce demand.

Oil fell more than 5 percent yesterday after American International Group Inc had its credit rating cut, threatening efforts to raise funds to keep the insurer afloat, and Lehman Brothers Holdings Inc on Monday sought bankruptcy protection.

"The fear is that the sharp deterioration of the banking crisis in the US will spread to the real economy and demand for oil," said Carsten Fritsch, a Commerzbank AG analyst in Frankfurt. "There's a good possibility prices will fall further before they stabilize."