Oil Prices Plunged on Continuing Market Decline

Oil prices dropped sharply Monday as the market responded to continuing stock market declines and concerns about the world economy.

Light, sweet crude for April delivery fell 78 cents to $60.86 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.

A strengthening factor in the oil market continues to be gasoline supplies as the United States enters the peak spring and summer driving season. Problems at U.S. refineries have reduced output and cut into petroleum product supplies.