Crude oil prices have fallen under $70 in early trading on Monday as concerns the government debt crisis in Europe will widen, slowing a global recovery in fuel demand.
US Light crude oil futures for July delivery fell to $69.51 a barrel on the NYMEX, while in London, Brent crude oil futures for July delivery dropped over two percent, to $70.50 a barrel, on the ICE Futures Exchange.
Oil prices were poised for their biggest two-day decline in a month as the euro dropped against the dollar and the MSCI Asia Pacific Index tumbled by the most in 14 months amid concern of losses in Hungary.
The euro fell to $1.1922 from $1.1967 in New York and touched $1.1877, the lowest level since March 2006, on concern Europe’s debt crisis will slow global growth. The MSCI Asia Pacific Index retreated 3.3 percent to 109.70 as of 1:20 p.m. in Tokyo, set for its biggest decline since March 30, 2009. The gauge has slumped 15 percent from its high this year on April 15.