Oil falls

Oil prices dropped on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of US sanctions on Iran's crude exports that start next month.

Benchmark Brent crude oil fell $1.51 a barrel to a low of $78.32, down 1.9 percent and below its 50-day moving average for the first time in two months, before recovering a little to around $78.40 by 0935 GMT.

US light crude dropped $1.27 a barrel to a low of $68.09. US sanctions on Iranian oil begin on Nov. 4 and Washington has said it wants to stop all of Tehran's fuel exports.

Saudi Energy Minister Khalid al-Falih told a conference in Riyadh on Tuesday the oil market was in a “good place” and he hoped oil producers would sign a deal in December to extend cooperation to monitor and stabilise the market.