Oil falls below $94 a barrel

OIL prices closed at their lowest level in two weeks yesterday, tumbling below $94 a barrel on doubts that a revamped financial bailout plan will be enough to avoid a protracted economic slump and revive dwindling US energy demand.

The declines came a day after the US Senate overwhelmingly approved the rescue package.

Even if the plan wins further approval, oil market traders are sceptical that it will steady the teetering US economy and reverse flagging demand for energy in the world’s largest consumer.