World oil prices tumbled this evening, with traders blaming the stronger US dollar, slumping stock markets, euro zone concerns and political fears over Korea. US crude dived $2.34 to $67.87 a barrel, while London's Brent crude plunged $2.54 to $68.63.
The falls came as global shares plunged and the euro fell close to a four-year dollar low as investors fled in the face of concerns about the euro zone and tensions between North Korea and South Korea.
A stronger US currency makes dollar-priced crude more expensive for buyers using weaker currencies, denting demand, which leads to lower prices.
The Organisation of Petroleum Exporting Countries is 'not yet' concerned by the decline of oil prices below $70, according to Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah.
The Kuwaiti minister, whose country is OPEC's fifth-largest producer, said that at present the cartel does not need to hold an emergency meeting to discuss prices. But he said he was hopeful that oil prices would stabilise at between $75 and $85.
