Oil prices fell on Tuesday as investors took profits from recent rally.

Oil prices soared nearly four percent in the previous session after major oil producers said in a meeting in Vienna that the global market was well on its way towards rebalancing.

Kuwait's oil minister, who chaired last Friday's meeting among major oil producers, said output curbs were helping cut global crude inventories to their five-year average, which is OPEC's stated target.

It was reported that the Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017, helping lift oil prices by about 15 percent in the past three months.

The West Texas Intermediate for November Delivery lost 0.34 dollar to settle at 51.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery erased 0.58 dollar to close at 58.44 dollars a barrel on the London ICE Futures Exchange.