The crude oil market also appeared to be disrupted by US inflation data which continued to hit new record highs in January.
During the Asian session, Brent crude futures traded lower at around $ 91 a barrel. Meanwhile, US WTI traded gloomily at $ 89.60 a barrel.
The two benchmarks are also on track for their first weekly decline after posting gains for seven consecutive weeks.
Recent economic data shows U.S. inflation soaring to a nearly 40 -year high prompting Federal Reserve (Fed) policymaker James Bullard to issue a statement supporting faster quantitative tightening.
This has prompted the US dollar to strengthen, making oil prices more expensive for holders of other major currencies.
Meanwhile, investors are also following developments on US -Iranian talks aimed at reviving the nuclear deal. If an agreement is reached, crude oil from Tehran will flow back into the commodity market.
