Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January.
Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82.
Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.
The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors.
Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.
Persons:
Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Kilduff, John Ritterbusch, Natalie Grover, Muyu Xu, Mark Potter, Elaine Hardcastle, Andy Sullivan
Organizations:
West Texas, Federal Reserve, Ritterbusch, Associates, Thomson
Locations:
North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, U.S, New York, Gulf of Mexico, Gulf, Mexico, Galena , Illinois, London, Singapore