Oil prices fell to $74 as investors remained worried about rising US demand and fear that Europe’s debt crisis could deepen.

For July delivery, US crude lost 19¢ to $74.42 a barrel at 06.41 GMT, while London Brent dropped 15¢ to $75.26 a barrel, according to Reuters.

US oil demand rose 8% last month, compared with a year ago, led by a 17% surge in distillates as transport and industry increased diesel use.

Data from the Energy Information Administration reveals crude fell by 1.9 million barrels and petrol stockpiles lost 2.6 million barrels last week.