Crude tumbled over 4% to a seven-month low today as it fell for a second day after Lehman Brothers' collapse made investors ditch crude for safe-haven assets and on fears the credit crisis will hurt the real economy.

Reports that Hurricane Ike caused minor damage to US crude platforms and refineries also weighed on prices, adding to the previous session's more than $5 fall and almost 37% decline from its peak above $147 in mid-July.

One should however keep in mind that oil price and actual oil production do not need to follow eachother. Since 2005 the world oil production has been virtually flat, despite huge changes in the oil price. Peak Oil and Peak Oil Price is two very different things.