On Tuesday, Brent crude oil edged down after touching a three-year high as the five-day rally ran out of steam.
Brent closed at USD79.09/barrel, down by 0.6% or 44 cents after previously touching USD80.75/barrel in the day, the highest level since October 2018.
US WTI dropped by 0.2% or 16 cents to USD75.29/barrel after reaching the highest level since July at USD76.67/barrel.
The power crunch in China also provided a headwind for the oil market. The Chinese industries are having power rationing to push down emissions which could, in the long run, damage oil demand from the weakening diesel use in power generation.
