In market trading on Tuesday oil prices dropped bellow $71 a barrel. Traders shifted focus from threat of Hurricane Dean on U.S energy facilities in the Gulf of Mexico to worries about global stock markets.

hightlight condition, sweet crude for September delivery lost 36 cents to $70.76 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell 86 cents to settle at $71.12 a barrel Monday.

As supply worries faded, concerns about the battered stock market’s drag on global demand came to the forefront once more.

The Federal Reserve boosted stock prices Friday when it cut the rate it charges banks by a half percentage point. Wall Street waffled Monday, though, on continuing credit worries, keeping alive fears that investors may need to liquidate more assets to cover losses and that a cooling economy may dampen energy demand.

other news : Oil prices fall below $71 a barrel

Find More Other News : Company, Exploration, Mine Trade & Market, Mining Top News, Oil & Gas, Petroleum