Russia is one of the world's largest oil and gas producers, and fears that it could invade Ukraine have driven the rally in oil closer to $100 per barrel
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
A similar view was shared by Raamdeo Agrawal, co-founder and joint managing director, Motilal Oswal Financial Services, who suggested that Indian equity markets were on the cusp of a major bull-run
Analysts attributed the rally to growing concerns that extended cold weather could hit production in Texas, exacerbating the tightness in world crude markets
Brent crude fell 37 cents, or 0.4%, to $89.10 a barrel by 0127 GMT, after rising 31 cents on Wednesday
Brent crude ended settling up 31 cents to $89.47 a barrel, while U.S. West Texas Intermediate crude gained 6 cents to $88.26 a barrel.
Global benchmark Brent fell 62 cents to settle at $89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session
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
A sharp rise in oil import bill has led to a big decline in forex reserves to imports in FY22
Concerns over Fed rate hike, Ukraine add to investor woes
The drop compares with an average annual import growth rate of nearly 10% since 2015
Lower crude prices in the international market and a subdued dollar overseas also supported the local unit, forex dealers said
Crude oil market, according to Goldman Sachs, is pricing in a far larger demand hit than during Delta - equivalent to no planes flying for the next three months
Brent crude futures increased by 29 cents, or 0.4%, to $71.81 a barrel by 0753 GMT
Oil prices fell on Wednesday for a third day on growing expectations that supply growth will outpace demand growth next year
Brent crude futures climbed 82 cents, or 1.1%, to $74.26 a barrel, after gaining 1% on Monday
Asian markets regained a little composure on Monday as investors settled in for a few weeks of uncertainty on whether the Omicron variant
Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter
There'll be no gain in the long term since US stocks have to be replenished next year
Companies are required to submit bids on Dec. 6 and contracts will be awarded no later than Dec. 14