US crude oil dipped to $98.94 a barrel, over concerns about a sluggish global economic recovery.

Japan’s core machinery orders fell in April adding to doubts about the pace of global economic recovery, reports Reuters.

Brent crude for July LCOc2 dropped 20¢ to $118.58 a barrel.

Anticipation over Saudi Arabia increasing output by ten million barrels per day in July may have also affected oil prices.