Brent crude futures fell 33 cents to $71.83 a barrel, while US West Texas Intermediate (WTI) crude futures fell 45 cents to $67.63 a barrel.

Brent crude oil futures slid for a second session on Monday as the market was weighed down by a climb in US output to a record-high and expectations that Opec members will raise supplies.

While geopolitical conflicts and financial market dislocations threaten the global growth outlook, BMI continues to see a broadening global economic expansion overall this year.

Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.

Oil prices fell for a second day on Tuesday, driven by ongoing evidence of rising US crude output, while wary investors sold off stocks, bonds and commodities.

Oil rose more than 1% on Tuesday with benchmark Brent crude above $70 a barrel for the first time in a week on Tuesday, boosted by healthy world economic growth prospects and expectations for continued production curbs.

Brent crude oil prices held near $70 a barrel on Tuesday, a level not seen since 2014's dramatic market slump.

Oil prices eased from three-year highs on Friday but were still on track to end the week higher for a fourth week in a row.

The Organisation of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.

Oil prices fell on Friday, dropping from highs last seen in 2015, as soaring US production undermined a 10 percent rally from December lows that were driven by tightening supply and political tensions in Opec member Iran.

Six days of anti-government protests in Opec's third-largest producer have added a geopolitical risk premium to oil prices, though Iran's production and exports have not been affected.

Oil prices fell on Wednesday after hitting a near two-and-a-half year high in the previous session as analysts said the rally was gradually running out of steam despite supply outages in Libya and the North Sea.