Oil falls below $100 US slowdown concern

Crude oil for May delivery fell by 2.95 dollar, or 2.9 percent to 99.59 dollar a barrel in after-hours trading on the New York Mercantile Exchange. Oil is up 76 percent from a year ago.

US gasoline demand in the past four weeks averaged 3.2 percent less than last year, the Energy Department said.

The oil has fallen 11 percent from a record this week, tracking declines in gold, wheat and metals, as the dollar strengthened, reducing the need for inflation hedges.

Speculators baling out to book profit and cover trading losses amid panic in the credit markets over the deteriorating state of the US economy.

Source: DDNEWS