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Oil retreated after testing a key technical level, but still held near a five-month high as shrinking US inventories and surging Chinese imports added to signs of a tightening global market.

Oil halted its rally in thin summer trading, weighed down by a risk-off tone in markets and technical barriers to further advances.

Oil's rally continued to cool with investors in search of a new catalyst to support more buying.

Oil fell on signs that supplies may be rebounding and concerns that economic growth in China is headed for a slowdown.

Oil pared losses after dropping to levels not seen since before Russia's invasion of Ukraine as record US inflation intensifies fears of a recession.

Oil extended its recent skid as US crude inventories swelled to the highest since June the Federal Reserve signaled fresh concerns about inflation.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Oil rose for a third day as the war in Ukraine neared the one-month mark without a conclusion in sight, exacerbating supply concerns over the loss of Russian crude.

Brent oil rose above $90 a barrel for the first time since November as the largest OPEC+ producers extended their supply cuts to year-end.

Oil closed at the highest level in nearly two weeks as prospects for a European Union ban on crude imports from Russia seemed more likely, with an extra jolt of support coming from a growing global diesel supply crunch.