Oil prices closed lower on Tuesday, giving up gains after reaching their highest level in five months earlier in the session.

Brent crude futures settled down 76 cents, or 0.69%, at $108.79 a barrel. The front-month contract had climbed as high as $111.99 during trading, a five-month peak.

US West Texas Intermediate crude for November delivery, which expired on the day, dropped $1.87, or 1.8%, to settle at $101.79, while the more active December WTI contract lost 72 cents to finish at $97.82 a barrel.