Ammon News - Oil prices fell more than $1 a barrel on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month on fears the Middle East could be on the brink of a region-wide war.

Brent crude futures fell $1.31, or 1.6%, to $79.62 per barrel at around 0600 GMT. U.S. West Texas Intermediate futures fell $1.29, or 1.7%, to $75.85 a barrel.

Both contracts rose more than 3% on Monday to their highest levels since late August, adding to last week's rally of 8%, the biggest weekly gain in over a year, on concerns that escalating hostilities could disrupt oil supply from the Middle East.

Reuters