Oil Dips Below $100 on Higher Inventories

New York, NY, June 2, 2011 -- Oil prices fell below $100 a barrel Thursday in Asia after U.S. crude supplies jumped unexpectedly.

Benchmark oil for July delivery was down 47 cents to $99.82 a barrel in late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $2.41 to settle at $100.29 on Wednesday.

The American Petroleum Institute said late Wednesday that crude inventories rose 3.5 million barrels last week.