Oil markets fell this morning as the French and German governments discussed the European Central Bank’s role in curtailing the worsening debt-crisis in Europe.

Brent crude dropped by 37¢ a barrel to stand at $111.51 a barrel, while US crude lost 34¢ to $102.25, reports Reuters.

The US received positive economic numbers, which raised investor hopes for oil demand, while a critical pipeline reversal by Enbridge and TransCanada will help ease a year-long blockage in the nation’s Midwest.