SAN FRANCISCO (MarketWatch) -- Oil futures dropped below $70 per barrel Thursday for the first time in 14 months as fears that a global economic recession will slash demand for oil combined with three week's worth of rising U.S. crude and gasoline supplies to set prices up for third-straight session of declines. November crude fell to a low of $69.15 and was last down $4.58 at $69.96 on Globex.
