Oil Price at Less Than $70 on Recovery Concerns

4 October 2009 (Last Updated October 4th, 2009 18:30)

The price of oil has fallen to rest at less than $70 a barrel, extending the previous session's losses. Crude fell more than 1% on Friday as doubts over a recovery resurfaced after data showed that the employment rate had soared to a 26-year high, reported Reuters. US

The price of oil has fallen to rest at less than $70 a barrel, extending the previous session's losses.

Crude fell more than 1% on Friday as doubts over a recovery resurfaced after data showed that the employment rate had soared to a 26-year high, reported Reuters.

US crude for November slipped $0.37 to $69.58 a barrel by 07.45 GMT. The contract settled down $0.87 at $69.95 a barrel on Friday.

London Brent fell $0.40 to $67.67.

According to Reuters, oil gained nearly 6% last week, bolstered by a surprise drop in US gasoline inventories as well as tensions between key oil exporter Iran and the West over Tehran's nuclear work.

Oil hit a 2009 high of $75 in August and analysts say that prices are unlikely to hit more than $75 until worldwide energy demand starts to show more convincing signs of a rebound.