Oil prices have fallen following explosions from suspected terrorist attacks in Brussels, killing at least 34 people.

Investors responded with Brent crude futures falling 14 cents and traded at $41.40 a barrel, while US May crude futures dropped 11 cents at $41.41 a barrel, Reuters reported.

Local reports have said that at least 34 people are known to have died from the two attacks, with at least 136 people confirmed injured.

"At least 136 people have been confirmed injured."

Two blasts occurred at the departures area of Zaventem airport and an hour later a blast hit Maelbeek metro station.

Traders said that inventories at the Cushing, Oklahoma hub for US crude for the week ending 18 March declined 570,574 barrels to 69.05 million.

Petromatrix strategist Olivier Jakob told the news agency: "The stocks (fall) in Cushing (US oil delivery hub) helped… but obviously now you have these headlines from Brussels and that can lead to some risk-off positioning. But the movements for now are not very significant."

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Equities and other industrial commodities such as copper are under pressure following the blasts.

OPEC and non-members are set to meet on 17 April in Qatar to discuss the proposal on output freeze.