Oil prices fall below $70 a barrel

Meanwhile, the International Energy Agency slightly reduced its global oil demand growth forecast for this year to 1.24 million barrels a day from 1.25 million barrels a day. This is down approximately 30 per cent from its growth estimate in January.

‘‘A booming global economy continues to support demand growth, but high prices are weighing on consumption,’’ the Paris-based IEA said in its report.

Light, sweet crude for July delivery fell 64 cents to $69.72 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. July Brent crude on London’s ICE Futures dropped 68 cents to $68.25 per barrel.

‘‘The traders are looking for clues indicating demand trends,’’ said

Victor Shum, a Singapore-based energy analyst with Purvin & Gertz. ‘‘One thing they’ll look at is the US weekly inventory report that will come out tomorrow.’’

‘‘The general market expectation is that inventories will increase again, as product demand in the US appears to be relatively flat,’’ he said.

–SUI-LEE WEE