Oil fell by as much as 2.8% today with prices dipping below $70 a barrel following US economic recovery concerns and warnings about Hungary’s debt.

US crude for July dipped to $69.51, a decline of $2, the lowest rate since 26 May, while Brent Crude reduced by 21 cents to $71.88, according to Reuters.

Markets have declined sharply since monthly US jobs data disappointed on Friday.

Hungary’s Government said talk of a possible debt crisis was “exaggerated”, but fears have been rekindled that more European nations could reveal financial frailties, reports Reuters.