Oil keeps losses ahead of US inventories data

Oil prices fell on Tuesday, despite the US dollar's drop against most of its peers, and deepened its losses ahead of the US inventories data.

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

The dollar index fell against a basket of major currencies by 0.3% to 92.3 points as of 17:40 GMT, after hitting a high of 92.8 points and a low of 92.3 points.

Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly spreading Delta variant.

As of 17:36 GMT, WTI crude September futures fell 0.8% to $71.2 a barrel, after hitting a high of $72.3 and a low of $71.3.

Brent September futures fell 0.4% to $74.1 a barrel, after hitting a high of $75.05 and a low of $74.1.