Light, sweet crude for November delivery sank $10.52, or 10.1%, on the New York Mercantile Exchange, after dropping earlier as low as $95.04. It was crude’s lowest trading level since prices dropped back below $100 earlier this month. Crude previously hadn’t traded that low since February.

Crude has fallen almost $25, or 20%, in the past week amid intense talks to hammer out a deal for the bailout.

“This is an acknowledgment that the global slowdown is here and energy demand is not going to be what it was,” said Phil Flynn, an energy analyst in Chicago.

Many oil market traders were skeptical, doubting the bailout would go far enough to unfreeze credit markets and restore calm to the financial system. A worsening economy means Americans will cut back on energy use.

In another sign of declining US demand for fuel, pump prices fell Monday. A gallon of regular slipped about a penny overnight to a new national average of $3.64, according to the Auto Club.

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