Oil prices dipped on Monday carrying on its downtrend since last week on US demand worries amidst troubles in the subprime mortgage area.

New York’s main futures contract, light sweet crude for next month delivery went down 15 cents to USD 71.62 per barrel.

In London, the value of Brent North Sea crude for the coming month delivery came down 16 cents to settle at USD 70.23 a barrel.

For September delivery, natural gas also closed down USD 0.026 at USD 6.794 per million BTUs.

September heating oil, a purified liquid made by refineries, cut down 0.61 cent to USD 1.9651 a gallon.