US crude dipped to $111.2 a barrel, after Saudi Arabia expressed concerns over oil prices.

US crude fell by $1.08 a barrel to $11.28, while Brent crude dropped by 66 cents to $123 a barrel, reports Reuters.

The fall in the oil price is attributed to the lower risks taken by the investors before a meeting of the US Federal Reserve and a statement from Saudi Aramco chief executive Khalid al-Falih, who said the kingdom was not comfortable with the current oil prices.

Khalid al-Falih said that he is concerned about the impact of the current oil prices on the global economy.