Oil prices took a dive on Friday, reversing early gains of more than $1 a barrel and falling by more than $3, as banking sector fears set crude on course for its biggest weekly decline in months.
With the collapse of big global banks, the crude oil prices fell to $72 per barrel this week.
Brent crude futures fell by 76 cents, or 1.02%, to $73.94 a barrel by 1322 GMT. U.S. West Texas Intermediate crude was down 52 cents, or 0.76%, at $67.83.
Early signs of a return to calm and stability faded after Credit Suisse's largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and other European equities sliding.
Brent crude futures fell $1.64, or 2%, to $79.13 a barrel by 1001 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped $1.74, or 2.3%, to $73.06 a barrel. On Monday, Brent and WTI fell to their lowest since early January and December, respectively.
Brent crude futures were down $2.03, or 2.5%, to $80.75 per barrel by 1401 GMT. West Texas Intermediate U.S. crude futures (WTI) fell $2.11, or 2.8%, to $74.57 a barrel.
Brent dipped 41 cents, or 0.5%, to $81.18 a barrel by 0852 GMT. U.S. West Texas Intermediate crude (WTI) was down 56 cents, or 0.7%, at $75.16.
Brent crude futures rose 18 cents to $86.36 per barrel by 0730 GMT after settling 0.4% higher on Monday.
Brent crude futures were down 71 cents, or 0.8%, at $84.04 a barrel by 1456 GMT. U.S. West Texas Intermediate (WTI) crude futures dipped 57 cents, or 0.7%, to $77.59. Both benchmarks had dropped more than $2 earlier.
Brent futures fell $1.35, or 1.6 percent, to $84.23 a barrel by 11:11 a.m. EST (1611 GMT), while U.S. West Texas Intermediate crude (WTI) fell $1.46, or 1.9 percent, to $77.60.
Brent futures for April delivery fell $1.22, or 1.4%, to $85.39 a barrel by 11:17 a.m. EST (1617 GMT). US West Texas Intermediate crude futures for March fell by $1.32, or 1.7%, to $78.82 a barrel.
The Indian central bank has forecast that headline retail inflation may average 5.3 percent in 2023-24
Brent crude futures were down 14 cents, or 0.1%, at $85.33 a barrel by 1419 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 13 cents, or 0.2%, to $79.00.
Brent crude futures were up $1.58, or 1.84%, to $87.50 a barrel by 1458 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.83, or 2.28%, to $82.01. Both were at their highest since early December.
The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.
The petroleum minister's statement comes a day after CNBC TV-18 reported, citing sources, that oil companies are expecting a Rs 50,000 crore compensation from the government for the losses incurred due to the freeze in retail petrol and diesel prices.
There is a wide range in which oil prices can move in 2023, and a lot of it has to do with what happens in China
Brent futures fell $3.53 to $78.57 a barrel for a 4.3% loss by 11:39 a.m. EST (1639 GMT). U.S. crude dropped $3.37, or 4.4%, to $73.56.
Brent futures for March delivery fell $3.03 to $82.88 a barrel, by 11:45 a.m. ET (16:45 GMT). U.S. crude fell $2.81 to $77.45 per barrel.
Brent crude on Friday rose 52 cents, or 0.6%, to $83.98 a barrel by 10:54 a.m. EST (1554 GMT). U.S. West Texas Intermediate crude gained 34 cents, or 0.4%, to $78.74.
All three major U.S. stock indexes rose in a broad-based rally, with the tech-heavy Nasdaq leading the pack
Brent futures for February were down $1.08, or 1.3%, at $82.18 a barrel by 1439 GMT. The more active March contract shed 1.26% to $82.93/bbl, after falling by over $2 earlier in the session.
Prices surged to 14-year high of $140 per barrel in March but have now tapered off to around $80 per barrel.
Brent futures for February delivery fell 42 cents, or 0.5%, to $83.91 a barrel, by 1215 GMT. U.S. crude fell 32 cents, or 0.4%, to $79.21 per barrel.