Oil Prices Continue to Fall

Oil has now dropped below the 60$ mark. This seems to be related with continuing downward revisions in the growth outlook:

Oil prices dropped below $60 a barrel Monday as commodity investors responded to high inventories and a lack of geopolitical tensions to sell, analysts said.

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, attributed to ample global inventories, eased worries about supply threats from
Iran and Nigeria, receding fears about this year's Atlantic hurricane season and as signs of economic weakness in the U.S. point to a possible softening in demand for energy.