SINGAPORE (Commodity Online) : World oil prices eased below $70 a barrel n Asian trade Tuesday on market concerns over Euro zone's debt crisis and a fragile global economic recovery.
Light sweet crude for July delivery was seen trading at $69.64 a barrel at 11.30 a.m Singapore time after hitting as low as $69.32 a barrel in early trade.
In London, Brent crude for July was at $70.55 a barrel at the same time.
A stronger dollar also helped push prices lower, as oil is traded in US dollars, making it more expensive to holders of weaker currencies.
The dollar gained about 0.6 percent against a basket of currencies on Tuesday.
The euro dropped to 1.2307 dollars in morning trade Tuesday, down from 1.2349 late Monday in New York, where the single currency lost almost two cents.
The European unit also declined to 111.00 yen from 111.58. The dollar bought 90.23 yen, little changed from 90.29 Monday.
Analysts issued their forecasts ahead of weekly inventory data from industry group American Petroleum Institute, due later Tuesday and government statistics from the Energy Information Administration scheduled for Wednesday.
On Monday, prices stabilised, pausing a three-week drop that has seen prices fall 20 percent amid market concerns over the Euro zone's debt crisis and a fragile global economic recovery.
New York's main contract, light sweet crude for delivery in July, managed a modest gain to close at $70.21 a barrel while Brent crude fell 51 cents to settle at $71.17 a barrel.