Crude prices fall below 70 U.S. dollars on economic woes

Crude prices fell below 70 U.S. dollars per barrel on Tuesday on concerns over global economic growth.

Equity markets overseas declined sharply on ongoing concerns about the health of Spain's banking sector after the debt-troubled country announced that it will rescue a saving bank.

The euro fell against the U.S. dollar on Tuesday, as Spain's takeover of a small bank fueled fears that the eurozone's sovereign debt crisis may spread.

Meanwhile, growing tensions on the Korean Peninsula also unsettled global investors after the Democratic People's Republic of Korea warned that warships of the Republic of Korea trespassed on its territorial water in the past two weeks, which could lead to military conflict.

Light, sweet crude for July delivery fell 1.46 dollars to settle at 68.75 dollars a barrel. In London, ICE Brent crude fell 1.62 dollars to settle at 69.55 dollars a barrel.

Source:Xinhua