bn SINGAPORE - Oil prices dropped below $60 a barrel in Asian trading on Monday, and analysts attributed the bailout to high inventories and receding fears about supply threats.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said hedge funds and investors were reacting to a soft market but noted that $60 is still a very strong price and said the market was still vulnerable to price spikes.
Light sweet crude for November delivery fell 60 cents to $59.95 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
Oil prices have dropped 23 percent since the middle of July, as supply threats from Iran and Nigeria have …
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