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Oil falls from eight-month highs Oil falls back below $70 a barrel
(about 13 hours later)
Oil prices fell on Monday, extending their losses sustained since reaching Thursday's eight-month high of $72.68. Oil prices have fallen sharply, extending losses sustained since reaching last week's eight-month high of $72.68 a barrel.
By late-morning trading in London, US crude was trading at $71.07 a barrel, more than a dollar down on the day. US light crude fell to $69.86, down from $72.35 it hit earlier on Monday. London Brent fell to $69.52, down more than a dollar on the day.
Brent crude for delivery in July, a futures contract that is due to expire later on Monday, was trading at $71.09, down 71 cents on the day. A stronger dollar and falling stock markets helped to push the price lower.
Oil prices have doubled since the start of the year amid hopes that an economic recovery could boost demand.Oil prices have doubled since the start of the year amid hopes that an economic recovery could boost demand.
The fall came despite there being some unrest in Iran following elections. "The petroleum markets are starting off the week on a softer note, as retreating equity markets and a firmer US dollar remove some of the wider financial rationale for a long position in crude oil," said Tim Evans at Citi Futures Perspective.
"Energy markets will likely gloss over this event unimpressed," said Edward Meir of MF Global. The fall came despite the unrest in Iran following the country's presidential election.
"Certainly the events in Iran could postpone a correction if they take a turn for the worse," he warned. "Certainly the events in Iran could postpone a correction if they take a turn for the worse," said Edward Meir at MF Global.