Oil falls back below $70 a barrel

--BBC--

Oil prices have doubled this year Oil prices have fallen sharply, extending losses sustained since reaching last week's eight-month high of $72.68 a barrel. US light crude fell to $69.86, down from $72.35 it hit earlier on Monday. London Brent fell to $69.52, down more than a dollar on the day. A stronger dollar and falling stock markets helped to push the price lower. Oil prices have doubled since the start of the year amid hopes that an economic recovery could boost demand. "The petroleum markets are starting off the week on a softer note, as retreating equity markets and a firmer US dollar remove some of the wider financial rationale for a long position in crude oil," said Tim Evans at Citi Futures Perspective. The fall came despite the unrest in Iran following the country's presidential election. "Certainly the events in Iran could postpone a correction if they take a turn for the worse," said Edward Meir at MF Global.