London — Oil prices fell further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states, including Saudi Arabia, could undermine efforts by oil cartel Opec to tighten the market. Benchmark Brent crude oil was 15c a barrel lower at $49.32 by 7.55am GMT, down about 8% from the opening of futures trading on May 25, when an Opec-led policy to cut oil output was extended into the first quarter of 2018. US light crude was down 15c at $47.25. Leading Arab powers, including Saudi Arabia, Egypt and the United Arab Emirates, cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Steps taken include preventing ships coming from or going to the small peninsular nation from docking at Fujairah, in the UAE, used by Qatari oil and liquefied natural gas tankers to take on new shipping fuel. "The measures by the anti-Qatar alliance signal commitment to forcing a complete change in Qatari policy or creating an environment...
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