WASHINGTON (dpa-AFX) - Oil prices fell sharply on Tuesday after surging more than 7 percent in the previous three sessions on supply concerns stemming from heightened Middle East tensions and news of production cuts in Libya.
Benchmark Brent crude futures dipped 0.9 percent to $79.66 a barrel as the dollar edged up slightly supported to a degree by heightened geopolitical tensions in the Middle East. WTI crude futures were down 1 percent at $76.64.
Markets remain on edge as skirmishes between Israel and Hezbollah intensify.
The risk of a wider conflict in the Middle East has lessened in the short term but Iran still poses a significant danger as it considers striking Israel, America's top general, Air Force General C.Q. Brown, said on Monday.
Elsewhere, Ukraine said it has a new long-range weapon to strike deep into Russia after a wave of Russian missiles and drones targeted Ukraine's electrical infrastructure in the largest such attack in weeks.
Focus also shifted to key U.S. inflation figures due later in the week that could reinforce that long-awaited rate cuts are coming soon.
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