Brent crude was down 81 cents, or 0.9%, at $93.63 a barrel by 1259 GMT, off an ealier peak of $96.16, the highest since October 2014
Investors are also watching talks between the United States and Iran to revive the 2015 nuclear deal
The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains
Brent crude futures rose 65 cents, or 0.7%, to $92.20 a barrel at 1140 GMT, while U.S. West Texas Intermediate crude was at $90.64 a barrel, up 98 cents, or 1.1%
Brent crude futures rose 41 cents, or 0.5%, to $91.19 a barrel by 0422 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 38 cents, or 0.4%
Ahead of the resumption of indirect talks between the United States and Iran on Tuesday, oil prices eased
US President Joe Biden's administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects
Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70
A massive winter storm swept across central and northeast regions of the United States on Thursday, knocking out power to thousands
Brent crude fell 37 cents, or 0.4%, to $89.10 a barrel by 0127 GMT, after rising 31 cents on Wednesday
Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel at 0051 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day
Global benchmark Brent fell 62 cents to settle at $89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session
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The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.
With five state elections in the coming months - Uttar Pradesh and Punjab being the major ones - some populist measures are also not ruled out, analysts said.
Excessive volatility is likely to continue for a few more days until clarity emerges from the crucial US Fed meeting. The market is discounting a hawkish Fed, analysts said
Brent crude futures rose 48 cents, or 0.6%, to $86.75 a barrel at 0116 GMT, reversing a 1.8% fall in the previous session
Anyone who's bought food, paid rent or looked for a used car recently has come up against the billowing inflation that has engulfed the US economy.
The BSE Sensex has shed 1,844 points from Monday's close ending at 59,464 level today, way below the 60K-mark.