Oil prices hovered around $73 a barrel amid concerns about global oil demand growth and global growth in general.
For March delivery, US crude fell 4¢ to $72.85 a barrel at 8:18am GMT, while London Brent crude declined by 2¢ to $71.44 a barrel, according to Reuters.
Oil prices traded close to 29 January 2010's price of $72.43 a barrel, the lowest intraday price since 21 December 2009.
Data depicting sluggish energy demand in the US, a strong US dollar and concerns about fiscal turmoil in small eurozone countries have resulted in an 8% fall in crude prices at the end of last month.
Oil prices were also affected by new economic data that increased apprehensions that China would further tighten its monetary policy.