Brent crude oil has dropped below $106, as ample supply from the Atlantic basin continues to weigh down on prices.
Reuters reported that Brent crude declined 15 cents to $105.87 a barrel, while US crude futures fell 53 cents to $97.64 a barrel.
According to the news agency, analysts predict that global output will surpass demand this year, as a supply glut has formed in Africa and Europe.
Worries surrounding geopolitical risks to oil supply have eased despite concerns that unrest in North Africa and the Middle East may hurt production.
The Islamic insurgency in the northern and western parts of Iraq is expected to divide the country, but the violence is yet to show its impact on oil prices, as exports from the south are continuing.
Baghdad is currently in dispute with Iraqi Kurdistan on oil exports through Turkey.
Meanwhile, oil output remains at approximately 500,000 barrels per day (bpd) in Libya, down from 1 million bpd in 2012, after clashes among rival militias.
Russia has faced delays in energy investments following the sanctions imposed by the US and European Union.