Oil Slips in Early Trade

Oil prices dropped in early Asian trading on Tuesday, after surging more than 7% in the previous three sessions. Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel. US West Texas Intermediate crude futures fell 36 cents, or 0.46%, to $77.06 a barrel. Oil markets are retracing slightly after sharp gains in the previous three sessions driven by expectations of US interest rate cuts that could boost fuel demand, fears of a wider Middle East conflict potentially disrupting supply from the key producing region, and the Libyan closures. Over that period, WTI gained 7.6% and Brent gained 7%. Source: Qatar News Agency