Page last updated at 21:57 GMT, Thursday, 10 December 2009

Oil price drops to two-month low

BP's Andrew rig in the North Sea - copyright BP
Oil dipped below $70 a barrel for the first time since early October

The price of oil dipped below $70 a barrel, falling to a two-month low, amid continuing concerns over demand.

US crude for January delivery fell 84 cents to $69.81 a barrel, before settling at $70.13 as it lost ground for the seventh consecutive day.

London Brent crude fell 81 cents to $71.58 a barrel.

On Wednesday, the Energy Information Administration said US consumption of petroleum products fell to its lowest level for five months.

Meanwhile, it was reported that China's two biggest oil companies saw a rise in fuel inventories in November for the first time in three months.

Stocks held by PetroChina and Sinopec rose as domestic sales dropped, according to Reuters news agency.

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