The oil prices were hit again on Wednesday as the market has normal trading activities.

"Brent is stuck in a trading range of $108-$113 a barrel, moving as currencies bob around and news headlines are released", said Christopher Bellew, energy broker at Bache Commodities.

The oil price was 3 cents lower and reached $112.50 a barrel. The New York Mercantile Exchanged predicted that the oil price will be lowered in July and will lose 27 cents or 0.3% to reach $99.32 a barrel.

The investors have claimed that there is no risk in the market due to the volcanic activities from the Grimsvotn eruption in Iceland. Morgan Stanley and Goldman Sachs' said that they have upgraded their oil prices forecast.

A week earlier, the euro was higher than the dollars which has made the oil prices move up. The oil market is controlled by the dollar, thus any weakness in the dollars will make the local currencies stronger and affect the oil price.

As euro was up, the oil prices were increased as the investors with more expensive currencies have the ability to buy that product.

The statistical reports from the U. S. Department of Energy claimed that the oil demand is the largest in the whole world among consumer commodity.