Oil Prices Below $60

Oil prices were flat Monday on a lack of fresh news to move the market, hovering around the same price range that has held for several weeks.

Oil prices have tumbled from a July high above US$78 a barrel, trading in a range of US$57-61 over the past five weeks.

Monday's prices were down a penny to US$59.58 in midmorning Asian electronic trading on the New York Mercantile Exchange.