The decision by US President Donald Trump to launch air-strikes against Syria, while limited, caused prices to go up by 2%
Very high prices are not good for oil producers either as it can create serious challenges for them, IEA Executive Director Fatih Birol said
Uncertainty over the supply and demand balance of global oil markets have resulted in volatile yet range-bound recent trading
London Brent crude slipped 3 cents to $67.28 a barrel, after climbing almost 4 percent last week
Opec and non-Opec producers are restraining production by a total 1.8 million barrels per day to prop up prices under a deal that is to expire at the end of 2018
For India, the world's third-largest consumer of oil after the US and China and one of the fastest-growing markets, rising crude prices is a worry.
Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices
Oil prices was helped by ongoing production cuts led by Opec as well as healthy demand
Benchmark Brent crude rose further above $68 a barrel on Tuesday
Brent crude, the internationl benchmark, was up 32 cents at $68.10 a barrel, US crude rose 37 cents to $62.10
The spread between US crude and Brent hit the narrowest in nearly two weeks
US West Texas Intermediate (WTI) crude futures were at $59.53 a barrel, down 44 cents from their last settlement
Oil also gained support from expectations the latest reports on US inventories will show a further tightening of supplies
Rising US output threatens to undermine efforts to support prices by withholding supplies
Gains are likely to be muted as inventories need to be cut further: Expert
There may be a review of the deal in June, should the market overheat
The deal expires in March 2018 but is widely expected to be extended at Opec's next meeting on November 30
Indian policymakers need to watch the sector carefully but maybe there's no reason to get into a deep funk
Considering India is a net oil importer with inelastic demand, movement in global crude oil prices tend to have an important bearing on the macro stability risks
Surana feels that the rise in prices is still not an indication of any structural change, it is more a reaction towards the geopolitical situation