LONDON - Oil was near $90 a barrel Monday after falling to its lowest in eight months earlier in the session, pressured by expectations the global credit crisis will bring a sharp drop in oil demand.

US light crude from November delivery fell by $3.84 a barrel to $90.04, its fourth day of losses. It touched a session low of $88.89, its lowest since early February. Prices have dropped by nearly 40 percent from a peak of $147.27 on July 11.

London Brent crude was down $3.86 at $86.39 a barrel. "The prevailing macro sentiment is now crystallizing around the notion that we are heading into a synchronized global slow-down, a mirror image of the across-the-board expansion we saw from 2004 to early 2007," said Edward Meir of broker MF Global.