World oil prices hit one-month lows on Monday as traders reacted to an uncertain outlook for energy demand in a fragile economic recovery, analysts said.
Prices hit $71.06 a barrel in London and $71.34 in New York — the lowest levels since June 7.
New York’s main contract, light sweet crude for August delivery, later stood at $71.46 a barrel, down 68 cents compared with Friday’s close.
Brent North Sea crude, also for August, was down 46 cents at $71.19.
“It remains to be seen whether oil prices break below the seventy-dollar mark this week, which if they do, would mark the first time... Since the latter half of May,” said independent analyst John Hall.
—AFP