Brent was 94 cents lower at $114.96, recovering from a low of $113.58 earlier in the session. U.S. crude was $1.32 lower at $101.23 a barrel, paring losses of more than 2 percent on Tuesday.
The oil price fall followed a volatile week of trading that saw U.S. crude prices fall from over $114 a barrel -- the highest level since 2008 -- to $94 a barrel.
The CME's move to make it more expensive for speculators to trade oil futures on margin, while not completely unexpected, added to a sense that a year-long steep climb in commodity prices is on hold for now.
The impact of the margin hike on oil prices may be less severe than on silver, which fell more than 30 percent in late April due to a succession of margin hikes, sparking a sell-off in other commodities.
Spot silver reversed earlier losses and was last bid at $38.49.
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