World oil prices extended losses this afternoon, falling below €70 a barrel in London for the first time since June, on worries that energy demand may weaken amid US economic woes, analysts said.
Brent North Sea crude for September delivery fell to $69.30 per barrel and it later stood at
$69.65 per barrel, down $1.34.
New York's main futures contract, light sweet crude for delivery in September, shed $1.23 to $70.92 per barrel.
Crude oil prices were lower, as concerns over the prospect of slower oil demand persist, analysts said.
Oil investors were weighing up whether the weak US subprime mortgage sector would lead to a drop in oil demand in the United States - the world's biggest consumer of energy - and even an economic fallout worldwide.
There are concerns that the problems in the high-risk, or subprime, segment of the mortgage business could spill into the broader housing market and affect more banks and investment funds exposed to US property.
World oil prices had also ended lower on Wednesday, despite a larger-than-expected decline in US crude stocks last week.
The US Department of Energy reported in a weekly snapshot that crude inventories fell by 4.1 million barrels to 340.4 million barrels for the week ended August 3.
The inventory decline was much sharper than forecast. Most analysts were expecting stocks to have dropped by 2.75 million barrels.
