WTI falls below $60 per barrel

Crude oil prices were lower on Monday as stock market declines and worries about the global economy had their effect on the commodities markets. In addition, a statement from the Qatar oil minister that the Organization of Petroleum Exporting Countries would not be likely to schedule any more production cuts when it meets later in the month helped send prices lower.

There were also hopes for a moderating of tensions over Iran after reports that Iran could participate in a conference about the war in Iraq with the Untied States also in attendance. It would be the first time in three years that both countries had attended the same meeting.

Brent crude for April delivery dropped $1.86 to $60.22 per barrel on the ICE exchange in London, while April contracts for West Texas Intermediate crude was $1.82 lower at midday to $59.82 per barrel after having dropped as low as $59.64 per barrel earlier in the session on the New York Mercantile Exchange.

Nymex gasoline was down more than 5 cents to $1.8500 per gallon, while Nymex heating oil also fell almost 5 cents to $1.7196 per gallon. Natural gas was higher, however, adding almost 3 cents to $7.271 per 1,000 cubic feet.