Doha:Oil prices experienced a decline of nearly 1% on Tuesday, with Brent crude futures decreasing by $1, or 0.86%, to $114.81 per barrel.

According to Qatar News Agency, US West Texas Intermediate (WTI) crude futures also saw a reduction, falling by 88 cents, or 0.86%, to $100.88 per barrel. Both benchmarks continued to extend losses after experiencing a drop of around 1% earlier in the session.

Brent crude had previously surged above $117 per barrel last week, marking its highest point since April, before reaching that level again on Monday.