Crude Oil fell below $90 a barrel for the first time in a month on concern U.S. economic growth will slow, reducing energy demand, and as Saudi Oil Minister Ali al- Naimi said supplies in the market are “absolutely ample.”

Consumer spending in the U.S., the world’s biggest oil user, rose less than forecast in October and incomes increased at the slowest pace in six months, the Commerce Department said in Washington today. Al-Naimi, speaking in Doha, said oil prices don’t reflect actual production and consumption trends. [MORE]