SINGAPORE: OilNSE 0.03 % prices dipped on Tuesday on expectations rising output from the United States and producer club Opec would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.
Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close.
US 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 per cent 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 US sanctions on producers Iran and Venezuela.
