Oil prices have fallen overnight on reports Saudi Arabia's oil output may return to normal more quickly than earlier reports had suggested. Yesterday BP and Z Energy increased prices by 6 cents a litre, with some analysts predicting prices could reach $3 a litre. Global crude oil prices spiked to around $US69 a barrel the biggest single day rise in nearly 30 years. But overnight they droppped again after reports out of Saudi Arabia they will be able to repair their facilities faster than first thought. Oil prices fell close to 5 percent. The general manager of cut-price petrol company Gull Dave Bodger says his competitors jumped the gun hiking prices so quickly.