Brent Oil Slides Below $60 a Barrel for First Time Since May

Brent oil dropped below $60 a barrel for the first time since May, breaching a key level as supply outpaces demand and is on course to continue do so at a record clip next year.

Brent fell as much as 1% to trade at $59.96 deepening a loss for the year, while West Texas Intermediate hovered around $56 a barrel.