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Oil prices plunged by more than three per cent on Monday to settle at less than $70 (€47.37) a barrel, as signs of weak fuel demand put downward pressure on the market.
US crude for October delivery fell $2.33, or 3.2 per cent, to close at $69.71, while London Brent crude settled down $2.63 at $68.69.
The losses came on the back of renewed fears among investors that values may have raced ahead of the budding economic recovery, with oil demand still low.
A report by the Centre for Global Energy Studies suggested that no sustained price increases are likely until the turnaround is well established.
"Even next year prices are unlikely to rise much unless clear signals emerge that the world is pulling out of recession in a sustainable fashion," it stated.
While this may come as welcome news for home heating oil customers, the outlook was not shared by everyone, as one industry boss predicted a potential surge in crude values.
Christophe de Margerie, head of energy giant Total, told the BBC that underinvestment in the sector during the recession could result in a shortage of oil, forcing prices up beyond $100 a barrel.
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