Democrats in the House of Representatives urged President Joe Biden to release crude oil from the US Strategic Petroleum Reserve (SPR)
The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday
Brent crude was up 28 cents or 0.3% at $81.52 a barrel by 0145 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher.
Washington's bid to cool markets, asking China to join a coordinated action for the first time, comes as high gasoline prices and other inflationary pressures have sparked a political backlash.
The rally came ahead of the U.S. Energy Information Administration's (EIA) release of oil and gasoline price predictions
Brent futures and US West Texas Intermediate crude pared losses of more than 1%
Brent crude futures fell $1.03, or 1.2%, to $83.69 a barrel by 0724 GMT
Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to a session-low of $83.27 earlier.
West Texas Intermediate futures climbed around 2% after topping the psychological price threshold on Friday for the first time since November 2014
US oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.
SINGAPORE (Reuters) - Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of nearly 1% after China announced plans to sell crude from its strategic reserves.
The domestic currency has lost 27 paise in the last four trading sessions.
Crude inventories in the United States increased by 1.3 million barrels last week, against analysts' expectations for a 1.6 million-barrel rise
The largest US fuel pipeline system, Colonial Pipeline, shut down on Friday after a cyberattack
Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in US crude and fuel inventories, while the ever-present pandemic clouded the demand outlook
Iraq continued to be the top oil seller to India despite a 23% decline in purchases to a five-month low of 867,500 bpd, the data showed
Barclays cited weaker than expected supply response from US producers to higher prices
Morgan Stanley expects Brent crude prices to climb to $70 per barrel in the third quarter
Brent crude was up 49 cents, or 0.8%, at $63.40 a barrel by 1330 GMT