Oil down

Singapore : Oil prices fell on Tuesday on expectations that producer cartel OPEC and key ally Russia will gradually increase output after withholding supplies since 2017.

The escalating trade dispute between the United States and China, in which both sides have threatened stiff tariffs on each others´ key export goods, also kept markets on edge and triggered a sharp sell-off in Chinese shares.

The Shanghai stock index slid below 3,000 points for the first time in nearly 21 months. Brent crude futures were at $74.90 per barrel at 0241 GMT, down 44 cents, or 0.6 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.55 a barrel, down 30 cents, or 0.5 percent.

The Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers including Russia started withholding oil supplies in 2017 to prop up prices.