LONDON, Oct 6: Crude oil prices slumped to eight month low points below $90 a barrel on Monday as worsening financial turmoil triggered fears about slowing demand for energy, traders said.

Prices have slumped almost 40 per cent in three months since they struck record highs of above $147 in July.

Brent North Sea crude for delivery in November tumbled $4.90 to $85.35 a barrel, after earlier hitting $85.15 -- last seen at the start of February.

New York’s main contract, light sweet crude for November, shed $4.48 to $89.40 a barrel. The contract also hit an eight-month low point of $88.89.

“The drops are down to concerns about growth in the world economy,” said Damien Cox, senior energy analyst at John Hall Associates.

“There is a lot of concern what the impact of a slowdown will have on demand in the US, Europe and elsewhere.” Since striking their record highs, oil prices have fallen sharply on concerns that demand is slowing during the global financial crisis.

“A feature of ongoing tensions in the financial sector and increased concerns over the real economy impact is yet further sharp falls in the oil price,” said Nick Matthews, an analyst at Barclays Capital in London.—AFP