Oil prices dipped this morning due to concerns over a weakening global economy.

US crude fell by 23¢ to stand at $94.71 a barrel, while ICE Brent crude fell 25¢ to $111.14 a barrel, reports Reuters.

US Treasury Secretary Timothy Geithner warned there could be huge economic risks if Congress fails to raise $14.3trn in debt by 2 August 2011.