Oil drops after OPEC-Plus fails to agree on delaying output hike

Oil prices fell on Tuesday, ahead of the US inventories data, weighed down by concerns about OPEC-Plus failure to reach an agreement on cutting output.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Wednesday.

Bloomberg reported that OPEC and its allies, known as OPEC-Plus coalition, failed to reach an agreement on delaying the planned hike in production, and decided to postpone their meeting to overcome the hurdles.

The dollar index fell against a basket of major currencies by 0.6% to 91.3 points as of 17:42 GMT, after hitting a high of 91.9 points and a low of 91.2 points.

As of 17:39 GMT, WTI crude January futures fell 1.4% to $44.7 a barrel, after hitting a high of $45.7 and a low of $44.1.

Brent January futures fell 0.8% to $47.4 a barrel, after hitting a high of $48.3 and a low of $46.8.