US Crude Falls on OPEC Output Hike

6 June 2011 (Last Updated June 6th, 2011 18:30)

Oil prices fell this morning over an anticipated increase in oil output by OPEC following its meeting on 8 June. US crude fell 57¢ to stand at $98.44 a barrel and Brent crude dipped 55¢ to $113.93 a barrel, reports Reuters. Saudi Arabia, which favours a hike in out

Oil prices fell this morning over an anticipated increase in oil output by OPEC following its meeting on 8 June.

US crude fell 57¢ to stand at $98.44 a barrel and Brent crude dipped 55¢ to $113.93 a barrel, reports Reuters.

Saudi Arabia, which favours a hike in output, is to increase its production by 200,000bpd to 300,000bpd.

Political violence in Yemen, Syria, and Libya may disrupt more oil supplies.