Oil sinks to $70 per barrel

AFP reported that crude oil prices on Thursday plunged to levels last seen in June, amid signs of an economic slowdown in the United States and receding tensions in the Middle East, dealers said.

New York's main contract, light sweet crude for delivery in September, fell to as low as $70.00 per barrel - the lowest point since June 21.

The contract later stood at $70.20 in pit trading, marking a large fall of $1.69 from Wednesday's close.

In London on Thursday, Brent North Sea crude for October delivery fell to as low as $71.33, which was last seen on June 28. It later stood at $71.39 in electronic deals, which was $1.44 less than the previous day's finish.