Oil keeps losses ahead of US crude inventories data

Oil prices fell on Tuesday, despite the US dollar's drop against most of its peers, and ahead of the American Petroleum Institute's crude inventories data.

Federal Reserve Chair Jerome Powell will testify on the Fed’s monetary policy, asset purchases, interest rates and inflation before the House Select Subcommittee.

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.

The dollar index fell against a basket of major currencies by 0.1% to 91.7 points as of 17:00 GMT, after hitting a high of 92.1 points and a low of 91.7 points.

As of 16:55 GMT, WTI crude July futures fell 0.5% to $73.2 a barrel, after hitting a high of $73.9 and a low of $72.9.

Brent August futures fell 0.4% to $74.5 a barrel, after hitting a high of $75.3 and a low of $74.3.