US crude fell below $109 a barrel because of concerns about high prices, which may lead to a fall in demand.

US crude dipped by 76¢ to stand at $108.90 a barrel, while Brent crude fell by 57¢ to $123 a barrel, according to Reuters.

Saudi Arabia lowered its output by 800,000 barrels per day in March due to oversupply, but said that OPEC would not try to stop the rise in prices.

ICE Brent crude for June was down 57¢ at $122.88 a barrel.