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.
The rout deepened last week as speculators fretted over slowing economic growth in the world's top consumer and hedge fund Amaranth Advisors registered billions of dollars in losses.
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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.
The rout deepened last week as speculators fretted over slowing economic growth in the world's top consumer and hedge fund Amaranth Advisors registered billions of dollars in losses.
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