Oil prices plunged below US $ 93 a barrel on Monday, reaching the lowest levels since February. Brent North Sea crude for delivery in October tumbled down to US $ 92.84 a barrel.
Analysts said that the possibility of weaker demand for energy and the prospect of a worsening global financial crisis could be the reason for this plunge in the crude oil prices.
With uncertainties governing the world markets the oil futures took a nose drive. Analysts expect a further downward trend in the crude oil prices in the days to come.