US Crude Falls to $98.64 a Barrel

7 June 2011 (Last Updated June 7th, 2011 18:30)

US crude has fallen to $98.64 a barrel ahead of the Organization of Petroleum Exporting Countries meeting today in Vienna, Austria, where members are expected to arrive at a decision on global oil supplies. US crude dipped by 45¢, while Brent crude dropped 70¢ to $116.08 a bar

US crude has fallen to $98.64 a barrel ahead of the Organization of Petroleum Exporting Countries meeting today in Vienna, Austria, where members are expected to arrive at a decision on global oil supplies.

US crude dipped by 45¢, while Brent crude dropped 70¢ to $116.08 a barrel, reports Reuters.

The high oil prices have been a precursor for inflation in the US, Europe and Asia.