International oil prices slipped on Tuesday amid prospects that demand for crude oil will drop and as Federal Reserve policymakers are unlikely to seek another round of monetary stimulus.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May fell one dollar and 22 cents, or one-point-two percent, from Monday to close at 104 dollars and one cent.

Earlier on Monday, the U.S. Energy Information Administration under the Department of Energy announced that the U.S.’s demand for crude oil fell four-and-a-half percent year-on-year in January, projecting a gloomy outlook regarding demand for oil.

News that Saudi Arabia plans to maintain high oil production even if major Western countries release emergency stocks also drove down oil prices on Tuesday.