Brent crude oil futures were down 45 cents or 0.6% to $84.83 a barrel at 1155 GMT, a day after topping $85 a barrel for the first time since November. U.S. West Texas Intermediate (WTI) crude was down 47 cents or 0.6% to $80.70.
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Saudi -listed ADES Holding Company said a vacuum in attractive markets such as India and Southeast Asia could largely offset potential excess supply in Saudi Arabia.
Brent crude futures for May rose 70 cents, or 0.83%, to $84.73 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude for April was up 88 cents, or 1.1%, at $80.60.
Brent crude futures for May rose $1.06, or 1.3%, to $82.98 a barrel by 1104 GMT. U.S. West Texas Intermediate crude for April gained $1.15, or 1.5%, to $78.71.
Brent futures for May delivery rose by 21 cents to $82.42 a barrel at 11:50 a.m. EDT (1550 GMT). The April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents to $78.24.
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.
Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing.
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas.
Canada's second-biggest oil producer, Suncor Energy, has signed a memorandum of understanding with Fort McKay First Nation to assess a potential oil sands lease on the Indigenous community's land, the First Nation and company said.
India's fuel consumption jumped by 5.7% in February compared to the same month of 2023, data from the Ministry of Petroleum and Natural Gas showed on Thursday.
Brent crude futures were up 0.24%, or 20 cents, at $83.16 a barrel by 1018 GMT. U.S. West Texas Intermediate crude futures rose 0.28%, or 22 cents, to $79.15.
Chinese state-owned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.
China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer.
India's fuel consumption rose 5.7% year-on-year in February, government data showed on Thursday, helped by strong factory activity in the world's third-biggest oil importer and consumer.
Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel.
TotalEnergies and QatarEnergy on Wednesday said they had agreed to buy a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin area in neighbouring Namibia.
One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.
Brent crude futures were up 27 cents to $82.31 a barrel at 0745 GMT after falling in the previous four sessions, while U.S. West Texas Intermediate crude futures rose 36 cents to $78.51 a barrel, after declining the past two days.
Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year.
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.