U.S. crude oil price dropped from a 30-month high on Monday as the International Monetary Fund (IMF) cut economic forecasts for the United States and Japan, spurring worries on energy demands, Xinhua reported.
The IMF said on Monday the U.S. economy will expand at a slower pace of 2.8 percent this year, down 0.2 percent from its previous estimate in January.
The Washington-based agency also cut Japan's economic growth projection to 1.4 percent from 1.6 percent, as the country was hit by a devastating earthquake and tsunami last month.
The economic slowdown of the world's largest energy consumers stimulated investors' worry on the oil demands.
Meanwhile, as Libyan leader Muammar Gaddafi appeared to be accepting a ceasefire deal with the opposition forces, the oil supply disruption concerns were also eased.
Light, sweet crude for May delivery lost 2.87 dollars to settle at 109.92 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery also gave up 2.97 dollars to settle at 123.15 per barrel.