Disclosed is an oscillator circuit (10) for use in a local oscillator of an RF communications device (100) that communicates over an RF channel. The oscillator circuit includes an oscillator transistor coupled to a power supply voltage (Vcc) through a buffer transistor, and a biasing network having bias voltage outputs coupled to a control input of the oscillator transistor and to a control input of the buffer transistor. In one embodiment the bias voltage network is coupled to Vcc, while in another embodiment the bias voltage network is coupled to a separate voltage (Vbias). Circuitry is provided for setting a magnitude of Vcc and/or Vbias as a function of at least one of RF channel conditions, such as channels conditions determined from a calculation of the (SNR), or an operational mode of the RF communications device.