The price of oil has fallen below $60 a barrel. That is a six-month low which will translate into lower prices at the pumps.Â Hopefully the downward trend of oil prices will continue.
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.