Oil prices fell to a near two-month low amid weak economic data and speculations about OPEC increasing production to bring down prices.

US crude for March fell 15¢ to stand at $85.49 a barrel at 04.49 GMT, while Brent crude for March rose 38¢ to $97.77 a barrel, reports Reuters.

Kuwait Petroleum Corp head Farouk Al Zanki said that OPEC needs to augment production because high oil prices threaten the global economy.

According to analysts, near-record stocks in Cushing, Oklahoma, contributed to the collapse of the prompt-month spreads.