On Friday, the prices of the oil fell to the lowest point in five months due to economic slowdown and investors are worried that it will lead to low demand for the energy.

October delivery of light, sweet crude settled down $1.66 to $106.23, restricting off a week of declines, which totaled $9.23. Since the month of April 3, when crude price was settled at $ 103.83 a barrel, this was the lowest settlement price.

The fall in the demand of the petroleum products also can be contributed to the weak U.S. labor market. On Friday, the Labor Department informed that in the month of August, the unemployment rate increased to 6.1%, and employers cut the jobs for the month. The economy is consuming less fuel as the business demands in the U.S. is falling down.

James Cordier, portfolio manager of OptionSellers.com, said that the attention of the oil market will not be distracted from lowering economy and the decrease in the demand of the products. Cordier said, “What will win out is that the economy is weakening faster than expected, and that will continue to be psychologically bearish for oil.”

Two months ago, in July 11, price of the oil was recorded as high as $147.27 a barrel, and presently oil prices have fallen more than $40 a barrel. The fall mainly has come due to cut in demand from the economy.

Peter Beutal, president of Cameron Hanover, informed, “At some point we will get back to some level where we will see the fundamentals will matter again.”

Beutal also added that oil prices had increased to $147 a barrel initially and had not lead to any decrease in demands, but now prices are dropping since now the economy is finding the prices too high. He added, “Traders are going to start targeting $100 for the price of oil soon.”

A meeting to be held next Tuesday, where oil market expects to hear a change introduced by the Organization of the Petroleum Exporting Countries in the quotas of oil production, will decide the prices of the oil, as if the OPEC will cut on the production, the prices will rise itself.