Crude prices hit five-month low on demand concerns, weak euro

Crude prices hit a five-month low on Monday on concerns that debt problems in Europe could bring down energy demand.

Investors worried that economic weakness in Europe could spread to the rest of the world and hurt the global recovery and subsequently demand for oil.

Oil prices also tumbled due to the stronger U.S. dollar, which hit a four-year high against the euro on Monday.

Benchmark crude for June delivery dropped 1.55 dollars to 70.06 dollars a barrel on the New York Mercantile Exchange after reaching a low of 69.27 dollars.

In London, Brent crude advanced 3 cents to 77.96 dollars on the ICE futures exchange.

Source: Xinhua