The price of oil fell to $108 a barrel today, but stayed in the range of their highest levels since 2008 due to the Middle East unrest and delays to elections in Nigeria.
US crude declined 36 cents to $108.11 a barrel after settling at $108.47 on Monday, and Brent crude for May went down 27 cents to $120.79 a barrel at 0804GMT, reports Reuters.
With the cut in Libyan oil output with civil war in the country, Saudi Arabia has increased supply that resulted in decreasing its spare capacity.
A labour strike in Gabon helped push prices higher on Monday, after it halted around 240,000 barrels per day (bpd) of supply on Monday.
Investors are also concerned over the potential for elections to unleash supply problems from Nigeria.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData