Oil prices fell this evening after news that US supplies had increased and that Western nations may be considering a release of additional reserves onto the world market.
US crude fell $2.25 to $105.09 a barrel in New York, while Brent crude lost $1.71 to $123.83 in London.
US government data this afternoon showed that the amount of oil in storage rose last week. This is usually an indicator of weaker demand and sends oil prices lower.
The US and Europe are thinking of supplying markets with oil from emergency reserves in hopes of pushing prices even lower.
The tactic briefly worked last summer. Then, the concern was the loss of Libyan exports and tighter world supplies. This time, policy makers are concerned that a prolonged stand-off with Iran could disrupt supplies.