Singapore's Tapis price was down to $120.71 yesterday, with New York's West Texas Intermediate price following suit to $112.6.
ExxonMobil reached a deal with a Nigerian oil workers union, which ordered its workers back to work.
The strike, combined with attacks against Shell's oil pipelines in Nigeria, had slashed Nigerian production by almost half, sending oil prices skyrocketing last week.
Oil prices were also affected by the US dollar which rose after the US Federal Reserve signalled it would be less inclined to cut rates in the coming months after announcing a widely expected 25 basis points cut yesterday.
Meanwhile, the US Energy Information Administration said on Wednesday that American crude oil stockpiles grew by about 3.8 million barrels, higher than analysts' consensus forecasts for a 1.5MMbbl increase.
Gasoline reserves sank by about 1.5MMbbl, in line with expectations.
