Brent crude futures declined 77 cents, or 1.1%, to trade at $70.80 per barrel in early session activity.
West Texas Intermediate (WTI) crude also faced selling pressure, dropping 84 cents, or 1.2%, to settle at $67.74.
The synchronized decline across both major benchmarks suggests a broadening of risk-off sentiment in energy markets.
Traders appear to be digesting recent price levels without immediate catalysts to support higher valuations, leading to a modest pullback from recent highs.
This movement follows a period of volatility in global currency markets, where the US dollar has shown strength against several emerging market currencies.
A stronger dollar typically exerts downward pressure on commodity prices denominated in US currency, contributing to the softer tone in oil trading.