A sign board above the oil futures pit at the New York Mercantile Exchange September 9, 2008. Crude oil was trading around $103 a barrel at mid day after OPEC ministers were to hold a meeting and hurricane Ike was heading towards Gulf of Mexico oil platforms. (Chip East/Reuters)
U.S. crude dropped $7 to $94.18 barrel at 1135 GMT, the lowest level in seven months. U.S. oil dropped below $100 briefly on Friday for the first time since early April, and trade was open for a special session on Sunday due to Hurricane Ike.