Oil below $60, biggest price drop in 15 years

Story

LONDON (Reuters) - Oil dropped under $60 to a six-month low on Monday as abundant supplies in top consumer the United States and fears that slower U.S. economic growth would stunt demand for fuel extended a price retreat.

U.S. crude has fallen nearly $19 from its mid-July peak of $78.40, its biggest slide in more than 15 years. The 24 percent decline was set off as investors' concern faded over Iran and the Atlantic hurricane season proved unexpectedly mild.