Oil prices slide under $70

LONDON: World oil prices tumbled on Monday to their lowest levels so far this year on concerns about future oil demand and the strong dollar, analysts said.

New York's main contract, light sweet crude for delivery in June, fell USD 1.88 to USD 69.73 per barrel, after earlier hitting 69.27, which was the lowest level since October 5, 2009.

London's Brent North Sea crude for July dived USD 2.56 to USD 75.37 a barrel.

"There's some doubts about whether the Greek bailout is really going to work and if markets are really going to buy it," said Rick Mueller, director of oil markets at US-based consultancy Energy Security Analysis, cited by Dow Jones Newswires.

"There's more pain to come there," he added in a gloomy warning, indicating that prices could head even lower.

The oil market also extended last week's losses as the euro slumped on persistent fears over eurozone debt. "(One) factor that has depressed oil prices is the continuing strength of the US dollar against the euro," said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.

"Fundamentally, oil markets are not particularly tight and so they were vulnerable to adverse sentiment and that is in fact what has occurred," he told media.

A stronger dollar makes dollar-priced crude more expensive for buyers using weaker currencies, denting demand, which leads to lower oil prices.