Crude oil prices slid after hitting their highest record ever on Monday at $117.40 a barrel in New York, on worries that demand will continue to increase and OPEC's comments saying there is no shortage of oil in the market.
OPEC's President Chakib Khelil commented on Sunday that the organization doesn't have the need to boost oil production to help high prices while OPEC's secretary-general Abdalla el-Badri said there is not shortage in the oil market.
Khelil said the organization would not find people to buy the increments even if OPEC did raise production, according to Kuwait's state news agency.
Crude oil futures for May delivery fell 0.51 cents or 0.44 percent to $116.18 a barrel on the New York Mercantile Exchange by 11:53 a.m.
The May contract will expire tomorrow.
Prices rose as much as 6 percent last week and compared to a year before, prices have increased 77 percent.
Brent crude futures climbed 0.98 cents or 0.86 percent to $112.56 a barrel on London's ICE Futures Exchange. Brent futures reached an all time high of $114.65 earlier today.