Oil Prices Fall on Saudi Production Report

New York, NY, June 13, 2011 — Oil prices fell below $99 a barrel Monday in Asia after a report said Saudi Arabia plans to boost its crude production.

Benchmark oil for July delivery was down 57 cents to $98.72 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $2.64 to settle at $99.29 on Friday.

Saudi newspaper al-Hayat reported Friday that the country will increase production 13 percent, or about 1.14 million barrels per day, to boost global supplies and help lower prices.