Oil prices hovered near seven-week lows of $71 a barrel today as the market was plagued by worries about an escalating eurozone debt crisis.

For March delivery, US crude fell 10¢ to $71.09 a barrel at 7:41am GMT, while London Brent crude decreased by 12¢ to $69.47 a barrel, according to Reuters.

Concerns over Europe’s fiscal problems prevailed despite European finance ministers’ assurances that the debt crisis is under control.

Oil, however, received a boost from increasing tensions between the West and Iran, as well as a cold wave in the mid-Atlantic area of the US, which mainly depends on home heating oil and natural gas supplies.