This will reduce inflation.
Oil falls to $60 as China spending optimism wanes(AP) Oil prices fell to near a 20-month low of $60 a barrel Tuesday as hopes waned that a huge Chinese spending plan will do much to avert a prolonged slowdown in the global economy.
Light, sweet crude for December delivery was down $1.95 to $60.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier in the session, it fell as low as $59.32 before rebounding.
The contract overnight rose $1.37 to settle at $62.41.
In London, December Brent crude fell $1.84 to $57.21 a barrel on the ICE Futures exchange.
Oil closed at $60.77 on Nov. 6, the lowest closing price since March 2007, and has fallen about 59 percent since reaching a record $147.27 in mid-July.
We have some options on saving at the pump and getting the most out of the gas we purchase. But those options were possible only if the crude oil prices are controlled, or the futures are predicted correctly.