World crude oil prices fell below 70 dollars Monday, as the worries over Iran eased and U.S. energy stocks improved.

New York's main contract, light sweet crude for delivery in June, fell 42 cents to end at 69.77 dollars a barrel, after sinking to 68.25 dollars.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery was down 74 cents to finish at 70.21 dollars a barrel.

Iranian president Mahmoud Ahmadinejad's letter to his American counterpart, which was delivered to U.S. President George W. Bush by the Swiss embassy to Iran, might create a new diplomatic opening, but did not indicate Iran had softened its stance, Iran's chief nuclear negotiator said Monday.

President Ahmadinejad, who has vowed never to give up the right to peaceful nuclear technology, proposed new solutions to the international problems in the letter.

U.S. gasoline stockpiles rose 2.1 million barrels to 202.7 million barrels last week, or 5 percent below year-ago levels.

Source: Xinhua