Oil prices fall on Tuesday

Oil prices fell for a second consecutive session on Tuesday after US President Donald Trump signalled a pause in further military action against Iran, easing concerns over prolonged supply disruptions in the Middle East.

Brent crude futures dropped 1.7 per cent to $90.99 per barrel by 0759 GMT, while US West Texas Intermediate (WTI) futures declined 1.8 per cent to $85.20.

Brent had settled 5.85 per cent lower in the previous session after falling to its lowest level since August 31.

Trump said on Monday he would hold off on further strikes against Iran for the time being following appeals from regional countries, while maintaining a naval blockade in the Strait of Hormuz.

Brent has fallen around 22 per cent from its six-month high of $118 per barrel reached on October 30, as concerns over an escalation in the conflict have eased. However, continued attacks on shipping in the Strait of Hormuz remain a source of uncertainty.

Meanwhile, OPEC oil production increased in October, led by higher output in Saudi Arabia, Kuwait and Iraq, according to a Reuters survey.