Oil was lower in Asian trade today, dragged by investor concerns over Europe's debt crisis and the stuttering US economy, the world's biggest energy user.
New York's main contract, light sweet crude for July delivery, dropped 31 cents to $70.49 a barrel. The contract fell to near 10-month lows of $64.24 at one point yesterday. Brent North Sea crude for July delivery was off 36 cents at $71.48 a barrel.
Analysts said that concerns over the outlook for Europe continued to buffet markets.
Long-term concerns about the sustainability of the US recovery also resurfaced after the Labor Department said yesterday that initial jobless claims totalled 471,000 in the week to May 15, up 5.6% from the prior week's revised 446,000.
