Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight.
Brent crude futures were at $71.86 per barrel at 01:03 GMT, down 18 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement.
Oil prices surged by around 40 percent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by U.S. sanctions on producers Iran and Venezuela.
But prices came under downward pressure late last week after U.S. President Donald Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.
Source : Reuters