Oil fell below $91 per barrel Friday June 24, 2011 as investors weighed the latest economic data and the planned release of 60 million barrels of oil onto the world market.

Benchmark West Texas Intermediate crude for August delivery rose 9 cents at $91.11 per barrel on the New York Mercantile Exchange. In London, Brent crude, which is used in more international blends, fell $1.76 to $105.50 per barrel on the ICE Futures exchange.

Analysts say investors and money managers are still sorting out their positions following Thursday's surprise announcement from the International Energy Agency. The 28-nation group, which includes the U.S., plans to release 2 million barrels per day for a month. The release is intended to cover shortfalls in global markets following the uprising in Libya. Libya exported about 1.5 million barrels of oil per day before the unrest.

U.S. economic news headed in a positive direction Friday. The government said that the economy grew at a rate of 1.9 percent in the first quarter, slightly higher than the 1.8 percent rate estimated a month ago. The Commerce Department also said there were more orders from businesses last month for durable goods such as machinery, electronics and aircraft.

Meanwhile, gas pump prices lost another penny on Friday to a new national average of $3.601 per gallon. A gallon of gasoline is 21.3 cents cheaper than it was last month, but it's still 84.8 cents more expensive than a year ago. In other Nymex trading for July contracts, heating oil lost 2 cents at $2.7789 per gallon and gasoline futures gave up 5 cents at $2.7223 per gallon. Natural gas added 3 cents at $4.225 per 1,000 cubic feet.