Oil prices fell overnight as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent US sanctions on OPEC's number three producer, Iran.

Oil prices fell overnight as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent US sanctions on OPEC's number three producer, Iran.