Crude Crashes Below USD100

Crude oil fell to a six-month low in New York Monday and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.

Almost 20% of the U.S.'s oil refining capacity was shut last week, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves. New York Mercantile Exchange electronic trading opened early to allow traders to respond to Ike.

At 10am London time crude oil for October delivery was $3.06 lower at $98.12 a barrel its lowest since February.