Oil markets slipped today as global economic concerns raised fears of decreased oil demands, in the midst of higher supply from the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude fell 50 cents to $112.66 a barrel, while US crude fell for a fifth consecutive day to $96.80.

Ali al-Naimi, the Saudi Arabian Oil Minister, was quoted by Reuters as saying the Kingdom was pumping around ten million barrels a day (bpd) and was also storing 80 million barrels.

But, global growth prospects looked weak after France elected its new President and Greece was unable to form a new government, while disappointing US jobs data fuelled concerns about growth in the world’s largest economy.