Brent crude oil fell below $115 a barrel this evening, heading for its first monthly decline this year, as investors fears that Europe's debt crisis and a sputtering US economy may slow demand.
Public holidays in the United States and the UK today limited trading volume. The US driving season, when petrol demand usually rises, traditionally starts after today's Memorial Day holiday.
Brent crude slipped 28 cents to $114.75 a barrel, while US crude dropped 21 cents to $100.38.
The euro slipped against the dollar as investors remained on edge over how Greece's debt crisis will be tackled. A stronger dollar can reduce investor demand for dollar-denominated commodities such as oil.
Brent crude is up about 20% this year, boosted by fighting in Libya that has halted its oil exports and unrest in North Africa and the Middle East. High energy costs have sparked global concern as they are a drag on economic growth.
