Oil falls below $61 as economy gloom persists

TOKYO/SINGAPORE (Reuters) - Oil prices tumbled more than 2 percent to $61 a barrel on Tuesday as a firmer dollar and renewed gloom over the global economy wiped away the brief euphoria that greeted Beijing's $600 billion (383 billion pounds) stimulus plan.

News on Monday that Saudi Arabia had cut oil sales to major customers in Asia and Europe and data on Tuesday showing China's crude oil imports surged last month have so far failed to turn the tide on the market's four-month rout as prospects of a global recession depress demand from both consumers and investors.

U.S. light, sweet crude for December delivery fell $1.41, or 2.4 percent, to $61 a barrel by 0707 GMT. Prices closed 2 percent higher on Monday, recovering from a mid-session fall of $59.10 a barrel, the lowest in nearly 20 months. Oil has shed 60 percent of its value since hitting a record high $147 in July.

London ICE Brent crude fell $1.92 to $57.16.

Prices pulled off the day's lows on data showing that China's crude oil imports jumped by 28 percent in October from a year ago, stirring some hope that the world's second-biggest oil user might help to sustain global demand growth, especially after Beijing approved a near $600 billion spending package.

But other readings remained poor, with consumer prices weak, oil product imports halving from September and fuel stocks at record highs, all suggesting paltry demand among drivers and forcing traders to focus on the gloom pervading other markets.

"The losses started after the stock market closed down, so demand fears are certainly a factor," said Ken Hasegawa, manager of commodity derivatives sales at broker Newedge in Tokyo. "But there is not one decisive factor leading this."

U.S. stocks dipped on Monday as investors expressed doubts about whether Beijing's weekend stimulus plan would avert a global economic slump and shares of General Motors fell to 62-year lows on worries about its dwindling cash. .N

Japan's benchmark Nikkei average .N225 followed suit on Tuesday, falling 3 percent while the dollar rose 0.3 percent against the euro in early trade, unravelling Monday's gains.