BENGALURU: Oil prices fell on Tuesday as markets weighed an executive order by US President Donald Trump waiving some sanctions and tariffs linked to Russian energy exports, while attacks on Saudi Arabia and Yemen kept concerns over Middle East supply disruptions in focus.
Brent crude futures fell 49 cents, or 0.45 per cent, to US$109.06 a barrel by 8.10am Malaysian time.
The US West Texas Intermediate (WTI) crude contract for November delivery, which expires on Tuesday, eased 0.33 per cent to US$103.32. The more actively traded December contract fell 46 cents, or 0.47 per cent, to US$98.08.
Brent rose to US$110.70 a barrel in the previous session, its highest since May 20.
An executive order issued by Trump on Friday night waived key US sanctions and tariffs related to Russia, including duties on the country's goods and penalties for buying its oil and gas. However, Trump said on Saturday that he had yet to make a final decision on the matter, while Secretary of State Marco Rubio said officials wanted more time to evaluate the situation.
Russia's crude oil production rose by 65,000 barrels per day in September to 8.43 million barrels per day, but remained about 870,000 barrels per day below a year earlier, the International Energy Agency said last week.
"While the prospect of additional Russian diesel supply offers some theoretical relief, traders appear far more focused on the ongoing risk of further damage to energy infrastructure across the Gulf region," KCM Trade chief analyst Tim Waterer said.
Yemen's Iran-aligned Houthis said on Monday they had carried out several attacks on Saudi energy, airport and military targets, including an Aramco site in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.
Saudi authorities did not immediately confirm the claims, and Reuters could not independently verify them.
Meanwhile, 58 people were killed and more than 200 injured in a Houthi attack on a government security forces training camp in Yemen's Shabwa province on Monday.
The renewed attacks heightened concerns over regional stability and underscored the continuing risks to energy supplies from the region, keeping oil prices above US$100 a barrel.
In the US, crude oil stockpiles were expected to have fallen last week, along with inventories of refined products, a preliminary Reuters poll showed on Monday.
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