clipped from: business.theage.com.au Oil fell below $US90 a barrel today as poor US home sales data added to recession concerns in the world's top consumer.
US crude traded down 79 US cents to $US89.92 a barrel after falling as low as $US88.78 earlier. London Brent crude slipped 27 cents to $US90.63 a barrel after hitting $US89.33 in earlier activity.
New single-family US home sales fell 4.7% in December to the lowest rate in nearly 13 years while the median sales price dropped sharply, according to a government report.
The report added to concerns about the health of the world economy which have weighed on oil prices by dimming the outlook for fuel demand and helped send global stocks lower in early Monday activity.
US stocks later rebounded on expectations the US Federal Reserve would cut interest rates again this week.