Oil falls and gives up previous gains

Oil prices fell during today's trading ahead of the release of US inventories data as crude was under pressure from the dollar's rise, despite concerns about the continued tensions in the Middle East.

US president, Donald Trump, has criticized the Iranian regime, pointing out that Tehran will make a serious mistake if it threatened US interests in the Middle East.

Trump threatened to wipe Iran off the map, adding that if Tehran wanted war, that would mean its end from the world.

The American Petroleum Institute (API) will release preliminary data on crude inventories in the US later today, while the Energy Information Administration (EIA) will release its official data tomorrow.

The dollar index rose by 0.1 percent to 98.05 points as of 16:26 GMT, hitting a high of 98.1 points and a low of 97.8 points.

In terms of oil trade, by 16:21 GMT, West Texas fell by 0.3% to $62.9 a barrel, with a high of $63.6 and a low of $62.7.

Brent fell 0.2% to $71.8 a barrel. with a high of $72.5 and a low of $71.6.