Crude oil futures failed to hold early gains and settled lower on Tuesday, extending losses from previous session, as traders awaited weekly crude inventory data for further direction.
Oil prices moved higher earlier in the day as the dollar retreated, but failed to hold gains and slipped into the red as the session progressed
West Texas Intermediate Crude oil futures for April ended down $1.04 or about 1.6% at $64.01 a barrel, after rising to a high of $65.98 earlier in the day.
Brent crude futures were down $0.77 or 1.1% at $67.46 a barrel a little while ago.
The weekly inventory report from the American Petroleum Institute (API) is due later today. The Energy Information Administration (EIA) is scheduled to release its weekly oil report Wednesday morning.
According to a survey, crude stockpiles may have risen by about 2.7 million barrels in the week ended March 5.
The material has been provided by InstaForex Company – www.instaforex.com