Politics played a significant part in the two-day fall witnessed in global crude prices, which extended declines Tuesday amid the ongoing Saudi Arabia-led isolation of Qatar.

West Texas Intermediate crude futures for July delivery were marked 0.6% lower at $47.12 as investors bet that the recent agreement by OPEC producers to extend their output cuts into 2018 could potentially unravel. Brent crude futures for the August, the global benchmark, were seen 0.5% lower at $49.17

This article was written by a staff member of TheStreet.