Oil dips below $100 a barrel briefly, first time in five months

The last time crude traded below $100 a barrel was on April 2.

The Associated Press

9/12/2008

NEW YORK — Crude oil on the futures market briefly sank below the $100-a-barrel Friday for the first time in five months — suggesting investors believe a worsening global economy will continue to drive down demand for some time in the United States and elsewhere.

The last time crude traded below $100 a barrel was on April 2.

Gasoline prices, however, jumped at the wholesale level as Hurricane Ike swept toward Houston, home to about one-fifth of U.S. refining capacity, and the site of a major fuel and grain distribution channel.

Wholesale gasoline prices on the Gulf Coast moved even further into uncharted territory to around $4.85 a gallon, as refineries anticipated that Ike would incur at least a significant pause in their operations, and at worst severe damage to their facilities.