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Oil fell below $90 in early trading Monday on speculation that spreading financial turmoil will cut demand, and on the gains of the U.S. dollar versus the euro, the Associated Press reported.

il fell to as low as $88.89 a barrel on electronic New York Mercantile Exchange trading before rising back to $91 as the Nymex opened, AP reported.

Oil fell 9 cents Friday to close last week’s trading at $93.88 a barrel. Crude futures have fallen about 40% since peaking at a record $45.18 closing price in mid-July.

Oil demand in the most developed countries began to slow in May, before the more recent financial turmoil hit the United States, AP said, citing analysts.