The standoff over Ukraine remains a thorn in the market's side, with concerns a Russian invasion would also cut vital gas supplies to western Europe
This year, prices have gained about 15% amid geopolitical tensions between Russia, the world's second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine
Though analysts believe diplomatic efforts will continue leading to a stabilisation and an eventual easing of these tensions, it may take several months for this to happen
The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.
Wider markets also rallied on Wednesday, as this week's sell-off started to ease.
By Roslan Khasawneh and Sonali Paul
Crude oil prices have soared 25% in a month as demand remains steady and supplies disrupted. Is this a worrisome trend? Will the govt address this in the Budget? Our next report takes a deep dive
Brent crude was down 4 cents, or 0.1%, to $86.02 a barrel by 0953 GMT. Earlier in the session, the contract touched its highest since Oct. 3, 2018 at $86.71
A holiday in the United States made for thin trading, but that did not stop Treasury futures from sliding further and Brent crude hitting a three-year top of $86.71 a barrel
Oil prices typically move inversely to the U.S. dollar, with a stronger greenback making commodities more expensive for those holding other currencies
Brent crude gained 16 US cents or 0.2 per cent at US$81.91 a barrel at 4.06 am GMT, while US West Texas Intermediate crude was up US$0.15 or 0.2 per cent at US$79.05 a barrel
Brent crude rose 95 cents, or 1.2per cent, to US$78.73 a barrel as of 0923 GMT. U.S. West Texas Intermediate (WTI) crude added US$1.03 or 1.4per cent, to US$76.24
Global oil prices are expected to rise further next year as jet fuel demand catches up
Brent crude futures fell 3 cents to $79.50 a barrel at 0718 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $76.89 a barrel.
Brent crude futures fell 41 cents, or 0.5%, to $78.82 a barrel at 0755 GMT, down for the first time in four days.
Brent crude rose by US$1.04, or 1.3per cent, to US$79.64 a barrel by 1119 GMT. US West Texas Intermediate (WTI) crude rose US$1.15, or 1.5per cent, to US$76.72.
U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $66.77 a barrel at 0122 GMT, adding to a 1.4% gain on Thursday.
U.S. West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.7%, to $66.05 a barrel by 0140 GMT, after a 0.9% drop on Wednesday.
The declines took Brent to its lowest close since October 1 and US crude to its lowest settlement since October 7
Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT. U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel