Oil deepens losses ahead of US inventories data, WTI falls below $57

Oil prices fell today, as the US dollar held steadily against most major currencies, ahead of the release of US crude inventories data.

The American Petroleum Institute (API) will release later today preliminary data on the US crude stockpiles for last week, while the Energy Information Administration (EIA) will reveal tomorrow its official report.

The World Economic Forum in Davos, Switzerland, is continuing with discussions on many global issues, especially climate change, ways to lower carbon emissions and to lower fossil fuel consumption.

The dollar index rose less than 0.1% to 97.5 points at 18:32 GMT, after it hit a high of 97.6 and a low of 97.4.

At 18:26 GMT, WTI crude fell 2.4% to $56.9 a barrel, with a day high of $58.3 and a low of $56.5.

Brent fell 1.8% to $63.4, after hitting a high of $64.5 and a low of $62.9.