Oil continues losing streak, falls to lowest point so far this year; settles near $70 a barrel

Oil prices fall to lowest point this year

Oil prices continued to stumble, hitting a new low for the year on worries that the European debt crisis will crush demand for oil.

Here’s a breakdown of how energy prices traded Monday:

Crude: dropped $1.53 to settle at $70.08 a barrel.

Heating oil: fell 7.54 cents to settle at $1.9852 a gallon.

Gasoline: fell 8.77 cents to close at $2.0431 a gallon.

Natural gas: rose 8.6 cents to settle at $4.398 per 1,000 cubic feet.

On the ICE futures exchange:

Brent crude: dropped $2.83 to settle at $75.10 on the ICE Futures exchange.