Brent rose above $80 per barrel during the previous session for the first time since May, spurred by expectations that US sanctions against Iran's oil exports, which will start in November, will tighten global markets.
US light crude CLc1 settled down $1.78, or 2.5 percent, at $68.59 a barrel.
Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about ongoing fuel demand growth.
Brent for November settlement lost 93 cents to $78.81 a barrel on the ICE Futures Europe exchange after rising above $80 for the first time since May 22 on Wednesday.
Russia: Ilyushin Il-20 Disappeared in Israeli F-16 Attack on Latakia
When asked for comment about Monday's attack, an Israeli military spokeswoman said Israel did not comment on foreign reports. The Israeli Air Force has Russian-speaking air traffic controllers able to communicate with their Russian opposite numbers.
Venezuela, which is pumping at just half the rate it managed in early 2016, could see its output slump another 19 percent to 1 million barrels a day this year as infrastructure deteriorates and workers flee, the agency predicted.
The warning by the Paris-based International Energy Agency that oil prices could scale above $80 a barrel is definitely not good news for India.
Russian energy minister Alexander Novak on Wednesday warned of the impact of US sanctions against Iran.
"The oil price is being given a boost by the API's report, which shows that USA crude oil stocks fell sharply", said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt.
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The president has described the tariffs as leverage in negotiating Chinese policy changes with Chinese President Xi Jinping. China has said it will hit back. "But, so far, China has been unwilling to change its practices".
The International Energy Agency said Thursday that the global oil supply reached 100 million barrels a day for the first time ever, boosted by rising production in the USA and several OPEC nations. This means there will be less strain on other producers in making up for supply losses from Venezuela and Iran as renewed US sanctions kick in. The sanctions will target Iran's oil exports from November. "Things are tightening up", the company said in its monthly document.
The United States and China have imposed a series of tariffs on each other's goods since May that have unnerved equity markets, while a rising USA dollar has put emerging market currencies under pressure, raising the energy bill for some of the world's largest oil importers.
Novak said global oil markets were "fragile" due to geopolitical risk and supply disruptions. Several Iranian crude carriers are sitting fully laden for weeks.
"If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere", the IEA warned.
Browns scheduled to work out kickers after missed FGs
And tragedy continued for Browns kicker Zane Gonzalez once he was in position to tie the game up and send it to overtime. Drew Brees marched the Saints down the field for a 44-yard field goal to give New Orleans a 21-18 lead.
Prices slipped again after U.S. President Donald Trump said in a tweet that the United States was under no pressure to make a trade deal with China, Yawger said.