Crude oil prices have plunged to levels last seen at the end of June, amid signs of an economic slowdown in the US and receding tensions in the Middle East.
US crude fell as low as $70 a barrel - the lowest point since 21 June. It later stood at $70.20, a large fall of $1.69 from Wednesday's close. In London, Brent North Sea crude fell $1.44 to $71.39.
Crude oil futures have shed around $4 a barrel over the course of the week. Prices began falling on Monday after a ceasefire deal began between Israel and Hezbollah after one month of violence, which alleviated concerns of a wider conflict in the Middle East. Losses increased after a series of US economic releases confirmed a slowdown in the American economy, which dampened prospects for crude demand because the US is the biggest consumer of energy in the world.
The Organisation of Petroleum Exporting Countries, OPEC, also cut its forecast for world oil demand by 80,000 barrels per day on Wednesday.
