Last week, crude prices jumped for the seventh week in a row, supported by continuing concerns about supply disruptions fueled by a cold snap in the United States and continuing political turmoil among major global producers.
And if US sanctions are lifted, Iran could rush to export millions of barrels of crude and help push oil prices down from their very high levels.
Brent crude contracts ended the trading session as low as 58 cents, or 0.6 percent, to settle at $92.69 a barrel. During the session, the global benchmark crude jumped to $94, the highest level since October 2014.
US West Texas Intermediate crude contracts fell 99 cents, or 1.3 percent, to settle at $91.32, after touching the session’s highest level of $92.73.
Analysts said that oil prices, which have jumped about 20 percent since the start of the year, are likely to exceed $100 a barrel due to strong global demand.