Oil To Fall To $90 A Barrel?

Lehman added it believes the oil market is "approaching a tipping point" with prices expected to decline to an average of $90 a barrel in the first quarter of 2009.

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Oil prices struck a record over $147 a barrel on July 11 -- the peak of a six-year rally driven by stunning growth in China and other developing economies alongside rising geopolitical tensions, particularly between the West and Iran over its nuclear program.

But prices have dropped about $20 since then, the steepest decline in dollar terms in the market's history, amid mounting evidence of a consumption slowdown in the United States and Europe due to economic turmoil and high fuel prices.