Oil prices fell after rising in three consecutive sessions, as investors awaited developments around the fragile ceasefire in the Iran war and US President Donald Trump headed to China for a high-stakes summit with President Xi Jinping, Reuters reports.

Brent crude futures lost 82 cents, or 0.76 per cent, to trade at $106.95 a barrel at 0051 GMT, and US West Texas Intermediate futures fell 66 cents, or 0.65pc, to $101.52.

Both benchmarks have largely hovered around or above the $100 per barrel mark since the US and Israel began attacks on Iran at the end of February and Tehran effectively shut the Strait of Hormuz.