US crude News
Brent crude futures were at $69.07 a barrel at 0441 GMT, down from a high of $69.37 earlier in the day and 18 cents below their last close.
Prices have been driven up by production curbs in OPEC nations and Russia, as well by strong demand thanks to healthy economic growth.
US crude touched $59.05 a barrel on last week, the highest level since mid-2015.
Brent crude, the global benchmark, was up 57 cents at USD 63.14.
Indian refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corporation Limited were given a special permission by the shipping ministry to import oil from the United States until March.
Oil prices held near their highest levels in more than two weeks after Iraqi government forces captured the major Kurdish-held oil city of Kirkuk in a response to a Kurdish independence referendum, raising worries about oil supply.
Traders said the drops came over concerns that a third-quarter market rally that had lifted Brent to mid-2015 highs by late September had been overdone.
London Brent crude for November delivery was up 1 cent at USD 59.03 a barrel after settling up 3.8 percent on Monday. Earlier it rose to USD 59.49, the highest since July 10, 2015.
Oil prices were not far off six-month lows, held down by an ongoing supply overhang that persists despite an OPEC-led effort to cut production and prop up crude markets.
Brent crude oil fell 30 cents to USD 46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around USD 46.90 by 0945 GMT.
Investors still expect the Federal Reserve to raise interest rates twice more in 2017.
Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the US Federal Reserve signalled it could raise interest rates next month.
US crude tumbled below $27 a barrel in Asia Thursday as the oversaturated market struggled to cope with high inventories in the United States and an increased output from OPEC.
US oil prices recoiled 6 percent on Monday, slipping below the pivotal $30-a-barrel threshold in post-settlement trade, after news that Iraq`s output reached a record last month returned attention to a market glut that sent prices to 12-year lows last week.
Oil extended its gains and soared about 8 percent on Friday, as a cold snap boosted demand for heating oil and investors took advantage of the lowest prices since 2003 to close out some of their more profitable bets on price declines.
Oil plunged below $30 per barrel on abundant crude supplies, as OPEC member Nigeria called for an emergency meeting to address collapsing prices that have ravaged revenues.
Oil fell to around $37 a barrel on Monday, trading within sight of an 11-year low, pressured by excess supply that has led to prices more than halving since the downturn began in mid-2014.
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European benchmark Brent oil for January delivery shed 38 cents to $39.73 a barrel in London. It was Brent`s first close below the $40 line since February 2009.
Oil prices climbed in Asia Friday ahead of the release of a US jobs report and as a hurricane threatened refineries on the US east coast.
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