Oil prices fall nearly $2 on bank's move

Oil prices yesterday fell nearly $2, unable to sustain a brief bounce that followed a global round of emergency interest rate cuts to try to shore up the world economy.

United States light crude for November delivery was down $1.86 cents at $88.20 a barrel by 1305 GMT.

London Brent crude fell by $1.02 to $83.64. "Looks like the rate cuts caused the bounce after important support at $86 held," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc "But oil markets are backing off highs as energy demand concerns remain."