Oil drops to six-month low

[stu]

58 minutes ago

 

 

 

TOKYO (Reuters) - Oil prices fell to a new six-month low below $60 a barrel on Monday as news of BP restoring output at Prudhoe Bay added to a sense of healthy global supplies.

 

U.S. light, sweet crude for November fell 56 cents to $59.99 a barrel in Globex electronic trading. By 0108 GMT it stood 61 cents lower at $59.94 a barrel, deepening a seven-week rout that has knocked more than $17 a barrel off prices.

 

Prices fell below the previous $60.00 a barrel low posted on September 20.

 

Previous frontmonth October was reported last week to have fallen as low as $59.80 a barrel on September 20, but detailed NYMEX trade data on its website showed the contract hit a low of $60.05 a barrel in Globex trade and $60.00 in open-outcry pit trade.

 

NYMEX sometimes revises detailed trade data.