NEW YORK — The price of oil dropped Tuesday to the lowest level this month as energy experts said the world will remain flush with surplus oil this year despite the loss of Libya’s exports and increased demand from Japan.

Oil also was pushed down after Goldman Sachs warned investors that the price had already topped its second-quarter forecast and is due for a “substantial pullback” in the near term. Traders took special notice of Goldman’s warning because the investment bank is considered a big player in oil markets, and it’s known for bullish price forecasts.

Benchmark West Texas Intermediate crude for May delivery gave up $3.67, or 3 percent, to settle at $106.25 per barrel on the New York Mercantile Exchange. The price had dropped as low as $105.47 earlier in the day.