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It was a day of listless swinging in the oil market that finally saw prices close lower as traders weigh US interest rates and China's outlook to determine the direction for global energy demand.

Oil's rally to $95 a barrel faltered as investors cashed out and the market settled in overbought territory.

Oil futures dropped alongside equity markets as traders look ahead to Sunday's OPEC+ meeting.

West Texas Intermediate fell about 2% to settle near $81, cooling a rally that had carried crude to the highest closing price since late October.

Oil prices dropped after a nine-session rally — driven by renewed production cuts from leaders of the OPEC+ alliance — propelled futures into overbought territory.

Oil fell in a choppy session as traders weighed escalating military activity in the Middle East against expectations of rising supplies.

Oil fell after futures crossed into overbought territory, though crude still notched a weekly gain amid shrinking US stockpiles and signs of rising fuel demand.

Geopolitical factors are driving crude volatility; however, increased supply risks are beginning to add weight to price structures.

Oil slumped as fears of a global economic slowdown overshadow the threat of tighter crude supplies from OPEC and its partners.

Oil fell ahead of several global interest-rate decisions that are expected to bring further monetary tightening.