
A large sign states the property owners stand on a purposed pipeline to prove drinking water to households on Carter Road in Dimock, Pa. in this photo taken Dec. 21, 2010.
Goldman analyst David Greely noted that global supplies remain "adequate" even though the rebellion in Libya shut down production there. Before fighting broke out in February, Libya exported about 1.5 million barrels per day2 percent of global demand - mostly to Europe.
Fears of tightening global supplies have helped push oil prices 33 percent higher since the middle of February.
Benchmark West Texas Intermediate crude for May delivery gave up $3.71, or 3.4 percent, to $106.22 per barrel on the New York Mercantile Exchange, shedding nearly two weeks of price increases. At one point it dropped to $105.60. In London, Brent crude lost $3.47, or 2.8 percent, at $119.95 per barrel on the ICE Futures exchange.