The head of Opec, the cartel of oil-producing nations, has said it is unlikely to increase production at this week's meeting.
It had been hoped members would boost the supply of oil to help prices fall from their historically-high levels.
Crude oil hit a new record of almost $104 a barrel at the start of the week but settled at $99.52 late on Tuesday.
BBC NEWS | Business | Opec dashes oil supply rise hopes