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Oil prices dropped today over investor concerns that oil supplies from the Middle East would be disrupted as demand for fuel rises.

Brent crude slipped by 16¢ to stand at $107.40 a barrel, while US crude fell by 57¢ to $97.10.

Output in the Middle East may also be affected by continuing calls for an end to Syrian President Bashar al-Assad’s ruling.

In Egypt, at least 12 people were killed in clashes between security forces and crowds protesting against the ruling military council, reports Reuters.

Meanwhile, Iranian President Mahmoud Ahmadinejad told Al Jazeera television that if there was any conflict against Iran’s nuclear programme, the country would use oil as a political tool.

The oil price situation was also affected by fears that the US congressional committee would fail to cut $1.2trn from its deficit over the next ten years.

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By GlobalData