Oil prices slipped this afternoon as demand worries due to surging fuel costs outweighed supply concerns caused by a tropical depression in the Caribbean.
US crude fell 34 cents to $114.25 a barrel after falling more than 5.4% on Friday in the largest one-day slide since 2004.
Brent crude traded down 31 cents to $113.61 a barrel.
Oil has tumbled from a record high over $147 struck on July 11 on growing signs demand in the US and other consumer nations has faltered due to surging fuel costs.
Meanwhile security sources said a Nigerian ship owned by service and repair firm West African Offshore Ltd with eight crew members was hijacked yesterday in the country's oil-rich south.
Nigeria had been until recently Africa's largest oil producer but was overtaken in April by Angola, according to OPEC figures.
Violence, including the kidnapping of oil workers, in Nigeria's volatile south has reduced total oil production by a quarter since January 2006.
Oil's fall on Friday was prompted by indications of rising supply from OPEC, weakening global demand and a rebound in the US dollar.
Commodities including crude oil futures are denominated in dollars, and any gains in the US currency will usually hit demand as oil becomes more expensive for holders of foreign currencies.
