Crude oil prices fell below $70 a barrel Thursday after coalition forces in Iraq killed a key terrorist leader.

The price of oil for future delivery fell more than one dollar in electronic trading in New York to $69.54 a barrel. Oil prices also declined for London's benchmark Brent crude oil.

Some investors speculate that the death of Abu Musab al-Zarqawi will ease the attacks and sabotage that have slowed Iraqi oil exports for the past three years.

Iraq has the world's third largest oil reserves, but it exports less oil now than it did before the U.S.-led invasion.

But analysts point out that prices were declining even before Zarqawi death, as investors reacted to rising oil inventories in the United States and easing tensions over Iran's nuclear program.

Some information for this report was provided by AFP, AP and Reuters.