Euro remained high against dollar.
12-nation Organization of Petroleum Exporting Countries (OPEC) meet is also on the schedule, an official from a Middle East nation stated that output needs to increase by 500,000 barrels to 1 million barrels a day in the next several months to meet demand.
Higher Commodity Prices are driving inflation in emerging economies like India, China and Russia.
Crude for July delivery was at $100.51 a barrel at 11:28 a.m. London time on the New York Mercantile Exchange, having lost as much as $1.04 to $99.25.
The contract yesterday declined $2.41, or 2.4 percent, to $100.29, the highest drop since May 11.
London Brent crude for July delivery was down 4 cents at $114.49 a barrel, it fell $2.20 or 1.9 per cent.