Oil prices fell this morning as a stronger dollar kept investors away from riskier dollar-dominated assets, such as oil, and ongoing anxiety about Europe’s debt crisis.

US crude fell by 53¢ to stand $87.06 a barrel and Brent crude for October dropped 23¢ to $110.37 a barrel.

Plans from France and Germany to move towards a fiscal union in 2012 failed to reassure investors worried about the region’s debt problems.

US petrol stocks fell by 3.51 million barrels last week; however, domestic crude inventories unexpectedly rose by 4.23 million barrels, reports Reuters.