The price of oil fell by 57¢ to stand at $103 a barrel as tensions continue in Libya with rebels gaining ground against Gaddafi, raising expectations of an accelerated supply recovery.

Brent crude for May delivery dropped 59¢ to $114.21 a barrel at 04.20 GMT.

Aided by Western-led air strikes against Gaddafi troops, rebels regained control of key oil ports and advanced westwards.

The ongoing conflict and concerns about US and UN sanctions are expected to halt Libyan output.

To make up for Libya’s lost production, OPEC members Saudi Arabia, United Arab Emirates, Kuwait and Angola have boosted their output, according to Reuters.