Crude Oil Falls Below $60 in New York, Lowest Since March 2007 (Christian Schmollinger)

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Saudi Oil Pump

Nov. 7 (Bloomberg) -- Crude oil fell below $60 a barrel in New York for the first time since March 2007 as a global economic slowdown cuts demand for fuels.

Oil has dropped 15 percent since Nov. 4, the biggest three- day decline in more than four years. Employers in the U.S., the world's biggest oil user, likely eliminated 200,000 jobs in October, the 10th consecutive month of declines, a government report out later today may show.

"The focus hasn't shifted from demand and that remains a weight that oil and commodities have had a difficult time throwing off,'" said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. "If you're looking for a short-term downside risk to the oil price, then that jobs number is it."

Oil for December delivery declined as much as 80 cents, or 1.3 percent, to $59.97 a barrel on the New York Mercantile Exchange, the lowest since March 22, 2007. It was at $60.27 a barrel at 9:45 a.m. Singapore time.