Oil prices fell this morning as investors anticipate that measures to be announced by Federal Reserve chairman Ben Bernanke may not help the faltering US economy.

US crude fell by 30¢ to stand at $85 today and Brent crude remained steady at $110.59 a barrel as the industry waits for Bernanke’s speech, to be held in Wyoming at 1400 GMT, reports Reuters.

Oil prices were also affected by concerns about Hurricane Irene’s potential impact on US East Coast supplies.

The hurricane, a major Category 3 storm, is expected to hit the US Eastern seaboard this weekend.