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Oil extends gains, US crude jumps above $75 ahead of inventories data
Oil prices rose on Tuesday, as the US dollar rose against most major currencies, and extended gains ahead of the release of US inventories data.
The American Petroleum Institute will release its preliminary report on the US crude inventories later today, amid the US Energy Information Administration will release the official data on Wednesday.
The dollar index rose against a basket of major currencies by 0.5% to 92.7 points as of 17:36 GMT, after hitting a high of 92.7 points and a low of 92.1 points.
WTI crude August futures rose 1.5% to $75.2 a barrel, after hitting a high of $75.5 and a low of $73.6.
Brent August futures rose 1.7% to $76.4 a barrel, after hitting a high of $76.6 and a low of $74.9.
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