Oil prices decline in early Asian trading

Oil prices fell in early Asian trading on Tuesday, after rising in the previous three sessions. Brent crude futures fell by 32 cents, or 0.39 %, to $81.11 a barrel by 01:45 GMT, while US West Texas Intermediate crude futures fell by 36 cents, or 0.46 %, to $77.06 a barrel. This decline in oil prices came after significant gains in the previous three sessions, supported by expectations of a cut in US interest rates, which could boost demand for fuel, and increased fears of an escalation of the conflict in the Middle East, which could disrupt supplies, and the closure of fields in Libya. During previous sessions, West Texas Intermediate crude rose 7.6 % and Brent rose 7 %. Source: National Iraqi News Agency