Oil recovered some losses from the previous session on Tuesday, but Brent crude remained below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market. Brent crude futures LCOc1 were trading at $49.61 per barrel at 0027 GMT, up 14 cents from their last close but still almost 8 percent below 25 May, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.51 per barrel, up 11 cents from their previous close, but down 7.3 percent from May 25. The Arab world’s biggest powers cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Steps taken include closing down transport links […]