Oil prices briefly fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil, according to The Associated Press.

Significant gains by the U.S. dollar against the euro also contributed to slumping oil prices.

By midafternoon in Europe, light, sweet crude for November delivery was down $2.68 to $91.20 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as $88.89 a barrel.