LONDON, Aug 15: Oil prices fell on Tuesday amid the ongoing Middle East ceasefire and BP’s decision to keep pumping at Prudhoe Bay, but losses were capped as Iran rejected a UN resolution to halt sensitive nuclear work.

In London, Brent North Sea crude for September delivery slid 25 cents to $74.05 per barrel in electronic deals.New York’s main contract, light sweet crude for delivery in September, shed 18 cents to $73.35 per barrel in pit trading.

“The ceasefire in Lebanon, which is still holding, does reduce tensions in the region and also the threat of the conflict widening to include Syria and Iran,” said Global Insight analyst Simon Wardell.

He added: “The ceasefire was not the only element pushing crude prices lower: news that BP will maintain production from the western half of the Prudhoe Bay oilfield in Alaska also had an impact on markets.”—AFP