Oil slips to $90 per barrel, at 8-month low

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Oil hovers below $79 after 3-day slideOil spikes to USD 81.26 a barrelOil eases to USD 78.65 a barrelOil tops $80, highest since Oct 14, 2008

Singapore, October 6:: bank, announced plans to raise capital.

Just a day after leaders of Europe's four biggest economies decided against a coordinated bank bailout, Italian Prime Minister Silvio Berlusconi said Italy would revive the idea at a meeting of finance ministers on Monday, but Germany then said it remained opposed to such a measure.

With prices sliding anew, one of OPEC's most consistent price hawks, Iran, said $100 a barrel was too low and urged members of the Organisation of the Petroleum Exporting Countries (OPEC) to respect their quotes to prevent oversupply from worsening.

"With the OPEC decision to cut, oversupply could be controlled in the first quarter of 2009," said Oil Minister Gholamhossein Nozari, referring to OPEC's agreement last month. "But if they (OPEC members) do not carry out the cut, oversupply could reach 1.2 million bpd."

OPEC oil supply fell in September, the first monthly decline since April, thanks to disruptions from two of its African members and lower shipments from Iran and Saudi Arabia, a Reuters survey showed on Friday.

But ANZ's Pervan warned that OPEC's influence was limited in a market being driven more by demand fears than supply concerns.