New York: The crude oil price Monday tumbled below $90 a barrel for the first time in eight months as worries over falling demand exacerbated by the spread of financial turmoil.

The Light, sweet crude for November delivery dropped by $4.22 to $89.66 a barrel as of 1450 GMT on the New York Mercantile Exchange. Futures fell to as low as $88.89 a barrel in the early morning pre-session trading.

The credit crisis has deepened in Europe, which added to concerns that the global economy growth will further slow down. European leaders pledged to bail out troubled banks and protect depositors.

Meanwhile, OPEC (Organisation of the Petroleum Exporting countries) President Chakib Khelil said Monday that the oil prices would continue fall until next year