Oil prices hover around US$99 on news that Saudi Arabia plans to boost its crude production

Oil prices fell to hover around US$99 in Asia, after a report said Saudi Arabia plans to boost its crude production. Benchmark crude for July delivery fell to US$99 on the Nymex, while in London, Brent crude for July delivery dipped to US$118.56 a barrel on the ICE Futures exchange. Saudi Arabia is reported to be planning to increase production by 13% (about 1.14 mln bpd), to boost global supplies and help lower prices. Earlier last week, the Organization of Petroleum Exporting Countries failed to reach consensus to raise output and left the cartel's production quotas unchanged.
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