Oil falls more than three dollars in Asia

SINGAPORE: Oil prices dropped more than three dollars in Asian trade on Tuesday after the collapse of US investment bank Lehman Brothers accentuated fears for global economic health, analysts said.

New York's main contract, light sweet crude for October delivery, plunged 3.95 dollars to 91.76 dollars a barrel following a fall of 5.47 dollars to 95.71 at the New York Mercantile Exchange on Monday.

Brent North Sea crude for November delivery dropped 3.32 dollars to 90.92 dollars. The October contract, which expired Monday, tumbled 5.20 dollars to close at 92.38 dollars.

The collapse of Lehman Brothers and the 50-billion-dollar takeover by Bank of America of ailing Wall Street investment bank Merrill Lynch continue to reverberate.