Post a massive surge, oil prices finally fall

Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations the US Federal Reserve’s interest rate hike may be less than thought.

Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 GMT. The contract rose 5.1 per cent on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery fell 65 cents to $101.95 a barrel. The contract climbed 5.1 per cent on Monday and the largest percentage gain since May 11.