Oil prices dip ahead of Biden visit to Israel

Fears that conflict in the Middle East could widen

US president Joe Biden's visit to Israel will seek to balance showing support for Israel's war on Hamas and trying to rally Arab states to help to prevent a regional conflict.

Crude oil prices edged lower as investors wait to see if US diplomatic efforts and a trip by president Joe Biden to Israel will prevent the conflict in the Middle East from widening.

Brent crude traded at $89.50 late on Tuesday. Oil prices rallied last week on fears that the Israel-Hamas conflict could widen into the oil-producing region. Global benchmark Brent had gained 7.5% in its largest weekly gain since February.