Oil prices are trading under $70 mark on Wednesday as global stock markets fall amid European and Korean tensions hit commodity prices.
WTI Light crude oil futures for July delivery dropped to $68.75 on the NYMEX, while in London yesterday, Brent crude oil futures dropped as low as $68.15 on the ICE Futures Exchange.
Stock markets around the world fell Tuesday on worries that Europe’s problems will slow global growth and demand for crude and petrol.
The strains in Europe’s sovereign debt markets are nearing levels that forced EU leaders to launch their “shock and awe” rescue package.