Mubasher: Global oil prices fell on Tuesday, although they rose yesterday to the highest level since 19 August after Iran urged other oil producers to join OPEC in supporting the market.
Brent crude fell 0.3% or 17 cents to reach $50.70 per barrel by 3:56am GMT, while US crude lost 0.53% or 26 cents to stand at $48.55 per barrel.
Iran's President Hassan Rouhani told his Venezuelan counterpart Nicolás Maduro in a phone call that it was essential for oil producing countries to take a decision to increase the price of oil and stabilise the market, Iranian state news agency IRNA reported.
Rise of US dollar dented optimism spurred by OPEC plan to limit oil output.
The US Dollar index (DXY) rose 0.16% to reach $95.80.
