Brent dips after topping $80 a barrel, highest since Oct 2018 | Reuters

Brent dips after topping $80 a barrel, highest since Oct 2018 | Reuters

Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits.

Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when the Organization of the Petroleum Exporting Countries (OPEC) meets next week.

Brent dipped 44 cents, or 0.6%, to $79.09 a barrel, after reaching its highest level since October 2018 at $80.75.

U.S. West Texas Intermediate (WTI) crude fell 16 cents, or 0.2%, to $75.29 a barrel, after hitting a session high of $76.67, highest since July.

"You probably have a fair amount of profit-taking, because we've had a pretty extraordinary run-up in prices," said Andrew Lipow, president of Houston-based consultancy Lipow Oil Associates. "We might have a little bit of a respite here as the market evaluates what the supply and demand dynamics are."