Energy trading in Asia on Thursday saw benchmark U.S. crude fall 31 cents to $71.94 a barrel, while Brent crude, the international standard, lost 21 cent to $75.83 a barrel.
Analysts are keeping a close eye on recent currency shifts, as the yen gains ground against the US dollar, even dipping below 150 yen at one stage.
Asian markets also closed lower as concerns over US President Donald Trump's tariff policies continue to unsettle global investors.
"The yuan has been under siege, with foreign-exchange outflows surging last month as Trump's tariff rhetoric sent shockwaves through markets," commented Stephen Innes, managing partner at SPI Asset Management.
Global shares presented a mixed bag on Thursday, with stocks in France and Germany making gains while those in Britain took a hit.
