Oil prices drop in Asia following death of North Korean leader Kim Jong Il

SINGAPORE — Oil dropped to near $93 a barrel Monday in Asia following the announcement of North Korean leader Kim Jong Il’s death, The Associated Press reported.

Asian stock markets dropped Monday amid fears the leader’s death could lead to greater instability in the region, the article stated.

South Korea''s stock market fell 3.4 percent, Hong Kong slid 1.2 percent and Japan was down 1.3 percent.