Consequently, Brent crude oil futures slipped on Monday for the first time in four sessions as Ali al-Naimi, oil minister for Saudi Arabia, said on Sunday that the oil market is oversupplied.
"You don't see a major supplier of crude make comments like that unless there's a genuine feeling to get prices lower," Jonathan Barratt, managing director of Commodity Broking Services in Sydney, told the news service.
At 10:53 a.m. on Monday, Brent crude oil futures were down 1.86 percent, a $2.30 drop to $121.15 per barrel.
Unrest in North African and Middle Eastern countries has pushed up oil prices. Demonstrations have sacked leaders in Egypt and Tunisia while Libyan leader Muammar Gadhafi has unleashed what has become the most violent resistance to protestors and rebels seeking to oust him from office. Rebels said they are expecting shipments of heavy weapons to continue the effort to overthrow Gadhafi.
Anti-government protests have spread to Algeria, Bahrain, Iran, Oman, Syria and Yemen.
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