Crude Oil Falls Below $60 in New York, Lowest Since March 2007

By Christian Schmollinger

Nov. 7 (Bloomberg) -- Crude oil fell for a third day, dropping below $60 a barrel in New York for the first time since March 2007.

Oil for December delivery declined as much as 80 cents, or 1.3 percent, to $59.97 a barrel on the New York Mercantile Exchange, the lowest since March 22, 2007. It was at $60.24 a barrel at 9:06 a.m. Singapore time.

Prices, which have tumbled 59 percent since reaching a record $147.27 on July 11, are down 37 percent from a year ago. Yesterday, oil fell $4.53, or 6.9 percent, to $60.77 a barrel, the lowest settlement since March 21, 2007.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.