Oil pares early gains, turns lower ahead of US inventories data

Oil prices turned lower on Tuesday, as the US dollar rose against most of its counterparts, ahead of the US crude inventories data.

Stocks and oil prices saw sharp losses yesterday due to growing fears over the surge in coronavirus infections, as cases surpassed 31 million globally.

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

The dollar index rose against a basket of currencies by 0.4% to 94 points as of 18:10 GMT, after it hit a high of 94.08 and a low of 93.4.

As of 18:02 GMT, WTI October futures at Nymex fell 0.8% to $39 a barrel, after hitting a high of $40.02 and a low of $39.

Brent November futures dropped 0.4% to $41.2 a barrel, with a high of $42.2 and a low of $41.2.