Oil prices fell below $75 due to investor concerns about the speed of economic recovery.

For November delivery US crude fell 26¢ to stand at $74.92 a barrel at 02.55 GMT, while London Brent crude dropped 28¢ to $77.83, reports Reuters.

The US economy recovery fizzled in the second quarter and growth remains slow with unemployment high, dampening expectations for a recovery in oil demand.