NEW YORK: Oil prices fell to a two-month low of $70 a barrel on Thursday as excess inventories and sluggish demand outweighed gains on Wall Street and positive economic data.
US crude for January delivery fell 54 cents to $70.13 a barrel by 1:09 p.m. EST (1809 GMT), after hitting a low of $69.81 as it lost ground for the seventh consecutive day. London Brent crude fell 81 cents to $71.58.
Meanwhile, European stock markets shook off fears for the future of debt-ridden Greece Thursday and surged back into positive territory after losing ground for three straight sessions.
The London FTSE 1OO index rose 0.78 percent to close at 5,244.37 points while in Paris the CAC-40 gained 1.09 percent to 3,798.38. The Frankfurt DAX added 1.08 percent to finish at 5,709.02 points.
The Dow Jones Industrial Average climbed 70.29 points (0.68 percent) to 10,407.34 at 1555 GMT, following a 0.5 percent gain for blue chips on Wednesday.