Oil Prices Fall on US Stocks Increase

1 June 2011 (Last Updated June 1st, 2011 18:30)

Oil prices fell this morning due to the sudden rise in US crude stocks and weak economic data. US crude dropped 89¢ to stand at $99.41 a barrel, while Brent oil fell by 68¢ to $113.85 a barrel, reports Reuters. OPEC's anticipated increase in output may have also af

Oil prices fell this morning due to the sudden rise in US crude stocks and weak economic data.

US crude dropped 89¢ to stand at $99.41 a barrel, while Brent oil fell by 68¢ to $113.85 a barrel, reports Reuters.

OPEC’s anticipated increase in output may have also affected oil prices.

OPEC will discuss increasing its oil output target by up to 1.5 million barrels per day when its members meet next week.