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Oil prices dip near $70 in London

The price of oil fell below $71 in London and below $75 in New York in European trade after a key US economic indicator suggested declining demand for energy.

business Updated: Oct 15, 2008 18:51 IST

The price of oil fell below $71 in London and below $75 in New York in European trade on Wednesday after a key US economic indicator suggested declining demand for energy.

Brent North Sea crude for November delivery fell to $70.98 in London, while New York's main contract, light sweet crude for November, dipped to $74.97, the lowest oil price levels since September 2007.

Oil prices fell after official government data showed that US retail sales slumped 1.2 per cent in September, more than expected, indicating a decline in overall demand in the United States