Oil prices edged lower on Tuesday after climbing by nearly $2 a barrel in the previous session, with Brent at $106.04 and West Texas Intermediate (WTI) at $93.27, according to Reuters, which also cites US President Donald Trump saying Russia had agreed to supply diesel and his administration had temporarily lifted US sanctions on Russian fuel.

The International Monetary Fund (IMF) warned that the global economy could soon test the limits of resilience, with emergency oil stocks running low and government budgets overstretched, according to the Guardian, which adds that rerouting oil supplies away from the Strait of Hormuz and releasing strategic stocks helped contain the impact of the US-Iran war on prices.