The US energy secretary's recent announcement of plans to discuss market conditions with Opec heavyweight Saudi Arabia has also spurred traders to take profits from sharp gains so far this year. The reversal has chipped almost $1.40 per barrel of Brent prices, which hit a nine-year peak at $27.11 at the end of last week.

Milder weather forecasts for the US have weighed on the heating oil market, which has been the driving force behind the strong rally on crude oil. Temperatures in north east US were expected to be near seasonal norms, before dipping 2 to 60 F for rest of the week.