Oil prices fell today amid worries about decreasing oil output from the North Sea, while investors hoped for more stimulus measures from the US, China and EU.
Brent crude was down 66 cents to $111.34, while US crude fell by 51 cents at $93.16, supported by a fire at a refinery, owned by Chevron in Richmond.
Continuing tensions in the Middle East also kept the oil prices in check, reports Reuters.
In its monthly report, the US Energy Information Administration cut its forecasts for crude oil production from non-OPEC countries in 2012 and 2013 and raised its world oil demand outlook.
The European Central Bank and the US Federal Reserve bank may start a bond-buying programme, while China planned to raise monetary policy later this year.