Crude oil prices have fallen for the tenth consecutive day, remaining at below $70 a barrel due to low demand and large stockpiles in the US.

For January delivery, crude oil declined by 3¢ to $69.48 per barrel at 8:45am GMT, while London Brent crude remained the same at $71.89 a barrel, reports Reuters.

US demand for heating oil is expected to fall by 1.3% this week.

Investors are awaiting the American Petroleum Institute’s US weekly oil inventory report to see if stocks will increase, and the November industrial output figures to find out the condition of the economy.

From 1 to 14 December this year, crude oil has declined by over $8 per barrel, the steepest fall since July 2001.