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| Edited By: |Source: PTI |Updated: Mar 17, 2018, 04:15 AM IST
Oil fell below $70 in Asian trade today as a weak US jobs report continued to hurt investor sentiment, analysts said.
New York's main futures contract, light sweet crude for delivery in July, fell $1.82 to $69.69 a barrel in morning trade.
Brent North Sea crude for July delivery shed $1.46 to $70.63.
"Oil has continued to plunge this morning, and that is also consistent with Asian equities markets, which are tanking," said Victor Shum, a Singapore-based analyst with Purvin and Gertz energy consultancy.
Major Asian bourses nosedived in early trade today, with the Japanese, Australian, South Korean and Hong Kong stock markets all falling after opening.
Prices could well drop below 2010 lows of $67.90 a barrel experienced in May this year over the next few days, said Shum.
"It certainly could fall to that level... right now the sentiment is to sell, and the momentum could make prices drop further," he said.
Oil and stock markets are being depressed by "disappointing US employment data," he added.
A weak US jobs report released Friday raised questions about the strength of the US economic recovery, souring international investor sentiment.
