Oil dips below $100 a barrell

Crude oil futures briefly sank below the psychologically important US$100 a barrel mark for the first time in five months today, showing that investors believe a worsening global economy will continue to drive down demand for some time in the US and elsewhere.

Petrol prices in the US, however, jumped at the wholesale level as Hurricane Ike swept through Gulf of Mexico, prompting companies along the Texas coast to shut down refining and drilling operations.