Oil prices fell by more than 3% this evening due to doubts over a potential rebound in the global economy. US crude traded down $2.27 from Thursday's close to $64.46 a barrel after touching a five-week low of $63.40. US markets were closed on Friday for the Independence Day holiday weekend. London Brent crude fell $1.27 to $64.34.
Optimism that an economic recovery could bolster has helped lift crude off December lows below $33 a barrel. Recent weak economic data - including a poor US jobs report last week - has affected markets, however.
Crude has found some support due to attacks on attacks on oil installations in OPEC member Nigeria.
Nigeria's main militant group said today it had sabotaged a Chevron oil facility and seized a chemical tanker and six crew members, the latest in a string of disruptions to output from Africa's biggest energy producer.
France and Britain called for action to curtail oil price volatility as part of a move towards tougher global governance to prevent a return to economic problems that existed before the financial crisis.
Crude prices hit a record $147 a barrel last July before crashing to $32.40 a barrel in December, as the economic crisis battered global fuel demand.
