Oil prices fell by 3 percent Monday, slipping below $59 a barrel as traders looked ahead to U.S. supply data due out Wednesday that is expected to show rising inventories of crude. Last week, oil prices surged after Energy Department data showed a large decline in U.S. crude-oil inventories. But some analysts believe the market overreacted to the data by failing to account for the impact of a temporary shutdown of the Louisiana Offshore Oil Port, through which 10 percent of all U.S. oil imports flow. Light sweet crude for December delivery fell $1.99 to $58.76 a barrel on the New York Mercantile Exchange, where gasoline futures tumbled by almost 7 cents to $1.49 a gallon. In London, Brent crude fell by $2.01 to $59.07 on the ICE Futures exchange.
