Brent holds ahead of API oil inventories data

Oil recovered from some of the earlier losses today as dollar fell against most major currencies, ahead of the American Petroleum Institute (API) oil inventories data, which will be followed tomorrow by the US Energy Information Administration (EIA) data.

The API will release preliminary data on the US oil inventories later today, while the EIA will release the official data tomorrow, which have a major impact on oil prices movements.

Meanwhile, by 16:45 GMT, dollar index fell by 0.1% to 98.06 points, with an intraday high of 98.3 and a low of 98.06.

In oil market, by 16:41 GMT, West Texas fell by 0.4% to $55.9 a barrel, with a high of $56.5 and a low of $55.2.

Brent stabilized at $59.7 a barrel, with a high of $60.2 and a low of $58.9.