What goes up ...

Oil prices fell by 5% today amid renewed turmoil on financial markets. With Lehman Brothers seeking bankruptcy protection, Merrill Lynch being sold to Bank of America, and concerns about the stability of insurer AIG mounting, Brent futures for November delivery were down by $4.55/b, at $89.69/b. WTI futures for October delivery were $4.35/b lower, at $91.36/b. Both Brent and WTI are at their lowest points since February.