WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday after three days of gains following the downing of a U.S. drone by the Islamist Revolutionary Guard Corps (IRGC) last week.
Benchmark Brent crude declined 0.75 percent to $63.70 a barrel while U.S. crude futures were down 0.55 percent at $57.59 a barrel.
While concerns over the outlook for crude demand weighed on the commodity, the downside remained limited by rising U.S.-Iran tensions.
The United States imposed new sanctions on Iran aimed at preventing some top Iranian officials from using the international banking system or any financial vehicles set up by European nations or other countries.
Sharply criticizing the new sanctions, Iran said the measures spell the 'permanent closure' for diplomacy between the two nations.
Brent crude prices jumped 5 percent last week and U.S. crude futures surged 10 percent amid Middle East tensions and on news that U.S. President Trump will meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan.
The president is 'comfortable with any outcome' from the talks, a senior U.S. official reportedly said on Monday, raising questions about whether the two sides will make any progress on trade at the G20 meeting beginning on Friday.
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