SINGAPORE — Oil prices fell to $89 a barrel today in Asia on investor concerns that the credit crisis that began in the U.S. will trigger a prolonged global economic slowdown and hurt crude demand.

Light, sweet crude for November delivery was down 94 cents to $89.13 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract overnight rose $2.25 to settle at $90.06.

A $700 billion U.S. financial bailout plan approved last Friday has failed to soothe investors worried about a deepening economic malaise. Investors are watching for signs of slowing U.S. demand in the weekly oil inventories report to be released later today from the U.S. Energy Department's Energy Information Administration.

The Organization of Petroleum Exporting Countries may cut production if prices fall further, but the scope would be limited by concern higher energy costs would exacerbate the economic slowdown.