Oil prices briefly spiked above the $69 mark Monday, Jan. 23, before sliding back down again in midday trading on the New York Mercantile Exchange.

The Associated Press reported that prices fell shortly after Saudi Arabia ’s oil minister announced that there is enough supply to meet demand.

Prices for light, sweet crude fell to $68.35 in midday trading.

Prices had been on the rise because of a nervous reaction to Iran ’s standoff with the West over its nuclear ambitions and continuing unrest in Nigeria , The AP reported.

There was also another spike Friday, Jan. 20, following newly released threats against the U.S. from Osama bin Laden.