Crude oil fell to a one-month low as stock markets tumbled in Asia and Europe on concern the U.S. will lead a global economic slowdown.

Oil, down more than 11 percent from its $100.09 a barrel record on Jan. 3, led a decline across commodities markets as gold and copper also fell. The MSCI World Index, a measure of global stock prices, slumped 3 percent today, the most since 2002. Slower growth may cut demand for energy and metals.

“Oil prices are finally taking on board the implications of a U.S. recession and the impact on global oil demand,” said Adam Sieminski, an analyst with Deutsche Bank AG in New York. “We expect this process has further to run.”

Crude oil for February delivery declined as much as $2.01, or 2.2 percent, to $88.56 a barrel in electronic trading on the New York Mercantile Exchange. That’s the lowest since Dec. 12. It was at $88.64 at 12:37 p.m. New York time. The contract expires tomorrow.

The more active March contract fell $1.92, or 2.1 percent, to $88.a barrel at 12:40 p.m. New York time. There will be no settlement prices today as the exchange’s floor trading session is closed for the Martin Luther King Day holiday. [MORE]