Oil prices in the US plunged below $70 a barrel today due to low fuel demand and large inventories.

For January delivery, crude oil declined by 34¢ to $69.53 a barrel at 10:09am GMT, while Brent crude increased by 3¢ to $71.91 a barrel, according to Reuters.

Today’s oil price represents the lowest since 5 October 2009. The drop also represents the ninth consecutive day in which oil prices have tumbled, the longest declining streak since July 2001.

The market pared losses following Abu Dhabi’s $10bn bailout proposal for Dubai, which improved stock markets as risk appetite increased and mitigated concerns of a possible debt default.