Oil prices fell on Tuesday for a third straight day, hit by concerns that a political rift between Qatar and several Arab states would undermine an OPEC-led push to tighten the market.

Persistent gains in United States Production also dragged on benchmark crude prices.

Brent crude was trading at $49.27 per barrel earlier today, down 20 cents, from its last close.

That is down nine percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018.

U.S. West Texas Intermediate crude had dropped 18 cents, to $47.21 per barrel. That is down about eight percent from the May 25 open. (Channels TV)