The price of oil fell to $104 a barrel today as US crude inventories increased more than expected.
US crude fell by 46¢ to stand at $104.33 and Brent crude for May fell 31¢ to $114.85 a barrel at 03.23 GMT.
Crude inventories in the US climbed by 5.7 million barrels, over three times the expected gain, while petrol fell as forecasted, according to the American Petroleum Institute.
The price fall was also affected by concerns over the downgrading of Portugal's credit rating by Standard & Poor's as the country sinks into a eurozone crisis.
In Libya, Muammar Gaddafi's forces have countered rebel advances in the west, as world powers continue to pressure the Libyan leader to step down, reports Reuters.
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