Oil prices drop to an 18-month low of $60.57 per barrel

Oil prices fell to near an 18-month low of $60 a barrel Tuesday in Asia as optimism waned that a huge Chinese spending plan will avert a prolonged slowdown in the global economy. Oil closed at $60.77 on Nov. 6, the lowest price since March 2007, and has fallen about 59 percent since reaching a record $147.27 in mid-July.