Oil down more than $1 on financial turmoil

By Maryelle Demongeot

SINGAPORE (Reuters) - Oil fell more than a dollar to below $93 a barrel on Friday, its third consecutive day of losses, on scepticism that a U.S. bailout package would be enough to prevent further oil demand falls.

The House of Representatives could vote as early as Friday on the revised $700 billion financial industry rescue bill, which was approved by the U.S. Senate late on Wednesday but has failed to lift markets so far.

U.S. light crude for November delivery fell $1.00 to $92.97 a barrel by 0250 GMT, having slid by a hefty $4.56 on Thursday on demand worries and a stronger dollar.

London Brent crude fell 83 cents to $89.73 a barrel, the first time since September 17 that the contract has fallen below $90 a barrel.

"Traders are watching the outcome of the U.S. House of Representatives vote on the bail-out package," Jonathan Kornafel, director Asia, Hudson Capital Energy, said in a note on Friday.

"Unfortunately, while a "no" vote may result in a financial meltdown, a "yes" vote may cause nothing more than increased volatility across all markets," he added.

U.S. stocks dropped 4 percent on Thursday and Asian stocks were also lower on Friday.

The growing financial crisis has added to concerns about oil demand, which has slumped in industrialised countries like the United States this year, sending crude prices crashing from record highs over $147 a barrel hit in July.