Oil prices dropped below $112 a barrel Monday but remained near 30-month highs, as traders continued to eye developments in the Middle East and ongoing weakness in the U.S. dollar.
By midday in Europe, benchmark crude for May delivery was down 94 cents at $111.85 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $2.49 to $112.79, the highest since September 2008.
In London, Brent crude for May delivery was down $1.06 to $125.59 a barrel on the ICE Futures exchange.
In other Nymex trading in May contracts, heating oil fell 3.49 cents to $3.2848 a gallon and gasoline dropped 2.95 cents to $3.2312 a gallon. Natural gas futures were down 3.7 cents at $4.004 per 1,000 cubic feet.