Reply #7: Oil prices fall below $90 in Asia (awaiting the Fed's lead $ balloon) [View All]

SINGAPORE - Oil prices dropped below $90 a barrel Wednesday ahead of the U.S. central bank's impending decision on its key interest rate.

Light, sweet crude for December delivery fell 68 cents to $89.70 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore.

The Nymex crude contract fell $3.15 to settle at $90.38 a barrel Tuesday, partly due to a research report from influential trading house Goldman Sachs advising clients to sell oil futures to lock in profits.

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A larger-than-expected cut would further weaken a greenback already at multiple-decade lows against major currencies. Oil futures have been driven to record levels the past week partly because they offer a hedge against a weak dollar.

http://news.yahoo.com/s/ap/oil_prices