Oil prices slipped after Brent crude hit a 26-month high during a rally fueled by Turkey's threat to cut crude exports from Iraq's Kurdistan region as well as signs that market rebalancing is accelerating.
Brent crude futures fell 79 cents, or 1.3 percent, to $58.23 a barrel by 2:24 p.m. ET (1824 GMT), having earlier hit $59.49, the highest since July 2015 and more than 34 percent above the 2017 low.
U.S. crude WTI futures ended Tuesday's trade down 34 cents at $51.88 a barrel, after hitting a five-month high of $52.43 a barrel.
Turkish President Tayyip Erdogan threatened on Monday to cut off the pipeline that carries 500,000-600,000 barrels of crude per day from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.