Crude oil tumbled to a five-month low yesterday as traders shifted their concern from Hurricane Gustav to dampening global demand.

Light, sweet crude for October delivery dropped US$5.75 to settle at US$109.71 a barrel on the New York Mercantile Exchange. Price plunged US$10 to hit US$105.46 a barrel in the early morning trading, the lowest point since April 4.

As Hurricane Gustav appeared to leave the Gulf of Mexico and producers prepared to restart oil production, traders now focus more on the slowing global economic growth, speculating the world market demand for crude would continue to fall.

Meanwhile, the dollar gained against the euro yesterday, which also helped to bring down the oil prices.

In London, Brent crude for October delivery fell US$1.07 to settle at US$108.34 a barrel on the ICE Futures Exchange.

Crude futures have shed more than 25 percent since the all-time peak of US$147.27 a barrel reached on July 11.

On August 26, the US Energy Department's Energy Information Administration Chief Guy Caruso predicted that crude oil price "could" fall below US$100 a barrel in the next 18 months due to a slowing global demand and an increase in oil production.