New York oil dives to four-year low under $70 after OPEC

Oil prices sink to fresh four-year lows with New York crude tumbling below $70 after the OPEC oil cartel holds its collective output ceiling (AFP Photo/Karen Bleier)

London (AFP) - Oil prices sank to fresh four-year lows on Thursday, with New York crude tumbling below $70 after the OPEC oil cartel held its collective output ceiling.

At about 1610 GMT, West Texas Intermediate for January delivery struck $69.11 per barrel -- last seen on May 25, 2010. Brent North Sea crude for January hit $72.74, a level last witnessed on July 7, 2010.