Singapore - Oil prices fell in Asia on Tuesday as dealers monitored last-ditch efforts between global powers and Iran to reach a deal on Tehran's nuclear programme and ease sanctions imposed on the crude producer.
US benchmark West Texas Intermediate fell 69 cents to $47.99 while Brent eased 55c to $55.74 in mid-day trade.
Singapore United Overseas Bank said prices "tumbled as hopes for a nuclear deal with Iran climbed".
Foreign ministers of US-led major world powers are racing to beat a midnight on Tuesday deadline to nail down a framework deal with Iran they hope will put an atomic bomb out of the Islamic republic's reach.