| GEO Business|
| Oil prices slide further after 10-percent plunge|
| Updated at: 1553 PST, Tuesday, September 30, 2008|
LONDON: Oil prices fell more than two dollars in trading Tuesday after slumping 10 percent a day earlier as US lawmakers rejected a multi-billion-dollar rescue package for ailing American banks.
New York's main contract, light sweet crude for November delivery, dropped 2.42 dollars to 93.95 dollars a barrel in electronic trading.
London's Brent North Sea crude for November shed 2.31 dollars to 91.67 dollars a barrel.
The oil market sell off was driven by worries that further economic turmoil in the United States, the world's largest economy, could significantly dampen global oil demand, traders said.
Crude oil had Monday plunged 10 percent in value after the US House of Representatives narrowly rejected a 700-billion-dollar government bailout of the financial sector, throwing markets into a tailspin.
The House of Representatives voted 228-205 to reject the emergency legislation.