Brent crude futures were last down 71 cents at USD 64.54 a barrel by 1013 GMT, while West Texas Intermediate (WTI) crude futures fell 74 cents to USD 61.19 a barrel.
Brent crude futures were down by 77 cents to $69.75 a barrel at 1338 GMT, while U.S. West Texas Intermediate (WTI) crude futures were 44 cents lower at $65.70 a barrel.
Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014.
The International Energy Agency said in a report that US oil production will push past 10 million barrels a day in 2018 as higher prices entice more producers to start pumping.
The house has a negative view on gold for Q4 of this year and expect it to trade around to trade around USD 1200-1250 per ounce, said Mark Keenan, Head of Commodities Research - Asia, Societe Generale.
If one were to look at the underlying fundamentals then the market looks overvalued but currently they are driven by liquidity, which is still in place, said Gautam Chhaochharia, ED & Head-India Research, UBS.
Going forward there is no reason for further spike in prices as most of it is already priced in, said Vandana Hari of Vanda Insights.
A look at top cues from the domestic and international markets that could have a bearing on D-Street today.
A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.
Prices for front-month Brent crude futures, the international benchmark for oil, eased 7 cents from their last close to $50.73 per barrel by 0145 GMT.
Brent crude futures, the international benchmark for oil, were at $51.02 per barrel at 0451 GMT, up 38 cents, or 0.8 percent, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November.
Oil prices inched up on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices.
Equity benchmarks as well as broader markets remained rangebound in noon trade with the Sensex hovering around 26500 level. Technology stocks continued to support the market whereas selling pressure was seen in banks, FMCG, select metals and pharma stocks.
The Organization of the Petroleum Exporting Countries (OPEC) said Friday that its output rose to 33.64 million barrels per day (bpd) last month, up 240,000 bpd from September.
Most markets shook off post-election losses and bounced back on Thursday, but oil still faces a glut that has kept prices under pressure for much of the past two years.
Brent crude, the benchmark for two-thirds of the world's traded oil, will likely average USD 49.60 a barrel for the fourth quarter, up from almost USD 47 a barrel in the prior quarter, the survey of 31 commodity strategists, analysts and economists showed.
Brent crude, slipped 0.2 percent to USD 53.05 a barrel after surging as much as 3 percent on Monday. US crude futures dipped a similar amount to USD 51.26, after jumping to a four-month high in the previous session.
Speaking to CNBC-TV18 John Kilduff, Partner at Again Capital said that prices could move up further. He expects the price to head up to USD 52 a barrel.
Axis Bank was the biggest loser, down nearly 4 percent followed by ITC, Lupin, ICICI Bank, HUL and Tata Motors whereas BHEL gained the most, up 2 percent. Reliance Industries, HDFC Bank, TCS, ONGC and HDFC were other gainers.
Tata Steel, ONGC, Cipla, Maruti and Lupin were top gainers while Adani Ports, Hero MotoCorp, Bajaj Auto, Bharti and BHEL were losers in the Sensex.
TCS, ICICI Bank, Adani Ports, ONGC and Asian Paints top gainers in the Sensex while Maruti, Bajaj Auto, Hero MotoCorp, Axis Bank and HDFC Bank are losers in the Sensex.
ONGC, Wipro, TCS, GAIL and Relaince were top gainers while Axis Bank, Bajaj Auto, ITC, Hero MotoCorp and HDFC were losers in the Sensex.
IT index was down 2.5 percent while TCS, BHEL, Wipro, GAIL and Infosys were losers in the Sensex. Among gainers were Sun Pharma, Bajaj Auto, Tata Steel, Maruti and Hero MotoCorp.