Oil Prices Fall on Below-Target Stocks and Stronger Dollar

24 May 2011 (Last Updated May 24th, 2011 18:30)

US oil prices dropped this morning as stocks fell to less than last week's forecast and the dollar rebounded against the euro. Brent crude for July was down by 77¢ to stand at to $111.76 a barrel, while US crude fell by 76¢ to $98.50 a barrel. The American Petroleum

US oil prices dropped this morning as stocks fell to less than last week’s forecast and the dollar rebounded against the euro.

Brent crude for July was down by 77¢ to stand at to $111.76 a barrel, while US crude fell by 76¢ to $98.50 a barrel.

The American Petroleum Institute said crude inventories decreased by 860,000 barrels for the week ending 20 May 2011 against expectations of a 1.3 million-barrel draw, according to Reuters.