Oil prices plunged below $70 on Thursday
Oil prices have dropped below $70 a barrel on news that Iraqi militant leader Abu Musab al-Zarqawi was killed in Iraq.
In New York the light sweet crude futures fell as low as $69.35 a barrel before rebounding to close cents higher at $70.44.
In London, a barrel of Brent crude fell 14 cents to $69.05.
On Wednesday, former US central bank chief Alan Greenspan had warned that oil prices were hurting the US economy.