Oil prices fell yesterday amid worries about a faltering global economic recovery and speculation that the Opec may raise supply.

New York’s main contract, WTI light sweet crude for delivery in July, finished the trading session at $99.01 a barrel, a loss of $1.21 from Friday’s closing level.

In London, Brent North Sea crude for July delivery shed $1.36 to settle at $114.48 a barrel.

The market is looking to tomorrow’s meeting in Vienna of the Organization of the Petroleum Exporting Countries, the 12-nation cartel that pumps about 40 per cent of global supply.

Most analysts expect the cartel will leave production quotas unchanged. But Opec kingpin Saudi Arabia is “promising to increase oil production against the wishes of Iran,” said Phil Flynn at PFG Best. “The market is pricing in more Opec oil down the road.”

Tehran’s representative to Opec said yesterday that the Islamic republic is against any increase in Opec output.

“There is no need to increase production of Opec countries at the 159th meeting of the organisation,” Mohammad Ali Khatibi was quoted as saying on the state TV website.

“The market is balanced... the downward trend in oil prices means that producers must be very cautious before any increase in output,” he said.

Opec’s second-biggest crude producer, Iran favours high oil prices and traditionally opposes an increase in production of the cartel.