Oil dropped in early Asian trade amid weak sentiment. Crude oil will likely see some volatility amid uncertainty surrounding U.S. political developments and new European sanctions targeting Russian oil exports, Tickmill said.
Prices have more than doubled since the start of the year, as severe droughts resulted in poor harvests in Ghana and Ivory Coast--the world's biggest producers of cocoa beans--reducing global supplies.
European natural-gas prices traded 3% lower, likely due to profit-taking after jumping in the previous session on the EU saying it has no interest in continued flows of Russian gas through Ukraine.