Ont he MCX, crude oil for delivery in July contracts was trading higher by Rs 64, or 1.59 percent, to Rs 4,100 per barrel with a business turnover of 18,036 lots.
Benchmark Brent crude futures were up 46 cents, or 0.7 percent, at $65.32 a barrel by 10:31 CST.
Benchmark Brent crude was down 46 cents, or 0.71 percent, at $64.74 a barrel at 1345 GMT, while US crude was down 18 cents, or 0.31 percent, at $57.25.
US President Donald Trump's administration renewed sanctions against Iran last year over its nuclear programme, although some buyers were allowed to continue taking limited volumes of Iranian oil under a six-month waiver.
According to Angel Commodities, Last week, WTI Crude ended significantly higher by 9.4 percent over a possible trade deal between U.S. & China amid fresh concerns arising from the Middle East.
Decision-making has never been easy in the Organization of the Petroleum Exporting Countries, which groups 14 Arab and non-Arab oil producers, some of which have longstanding rivalries.
US West Texas Intermediate crude futures rose $2.26, or 4.4 percent, to $54.19 a barrel by 11:11 a.m. EDT (1511 GMT). Brent crude futures rose $1.80, or 3 percent, to $62.74 a barrel.
Prices have fallen around 20 percent since a 2019 high reached in April, in part due to concerns about the US-China trade war and disappointing economic data.
World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.
Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on June 12 to settle at $59.97, the international benchmark's lowest close since January 28.
Oil futures extended losses after the US Energy Information Administration (EIA) reported domestic crude stockpiles climbed last week by 2.2 million barrels.
Analysts said investor sentiment in crude futures market dampened after oil prices fell in global markets.
India has time and again warned oil producers that higher crude prices are hurting global economic growth and they should do more to bring down rates to reasonable levels.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.
According to Angel Commodities, after a sharp decline of over 4 percent in the last week of May in crude oil it stabilized and declined by just 0.4 percent to touch $53.28 per barrel. U.S. President Trump threatened to impose tariffs on Mexico which is one of its major crude suppliers.
Analysts said raising of bets by participants on a strong overseas trend, coupled with good domestic demand, kept crude prices higher at futures trade here.
Benchmark Brent crude was at $61.30 a barrel at 1152 GMT, up 67 cents or 1.1 percent. US West Texas Intermediate crude fetched $52.05, up 37 cents or 0.7%.
The import dependency of crude oil and LNG during 2018 increased to 82.59 percent and 45.89 percent, respectively, and this may rise further in the days to come
Saudi Arabia indicated that the group of oil producers, together with Russia, would continue managing global crude supplies to avoid a surplus.
Saudi, the de-facto leader of OPEC, indicated that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus.
Brent futures are heading for a 10 percent slide in May and WTI for a 13 percent drop, their biggest monthly losses since last November.
Brent crude futures, the international benchmark for oil prices, were at $68.86 per barrel at 1044 GMT, down 59 cents, or 0.9%, from their last close.
Brent crude rose 19 cents or 0.3% to $70.30 a barrel by 0930 GMT, while US West Texas Intermediate (WTI) was up 50 cents or 0.9% to $59.13 per barrel.
The US reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers.
On the Multi Commodity Exchange, crude for June delivery went up by Rs 43, or 1.07 percent, to Rs 4,079 per barrel in a business turnover of 19,049 lots.