Bloomberg | Oil Drops Below $60 as US Shale `Backlash' Rattles Traders Bloomberg Oil in New York has tumbled 7.4 percent so far this month. Even as the Organization of Petroleum Exporting Countries and Russia curtailed output to prop up prices, production has continued escalating in the U.S.. West Texas Intermediate crude for March ... Oil drops below $60 as soaring US output's expected backlash kicks in |