Oil prices rose on Tuesday, as the US dollar held against most of major currencies, ahead of the US inventories data.

Oil and other commodities came under pressure recently due to concerns over the Chinese economy and its impact on demand.

China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China.

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 less than 0.1% to 93.1 points as of 16:43 GMT, after hitting a high of 93.2 points and a low of 93.05 points.

As of 16:16 GMT, WTI crude October futures rose 0.2% to $70.4 a barrel.

Brent November futures rose 0.5% to $74.2 a barrel.

US stock indices rose in early trading on Tuesday, while investors focus on the Federal Reserve's meeting.

The US current account reading showed a deficit of $190 billion in August, better than forecasts of -$193 billion.

The number of the US building permits was at 1.73 million in August, while the number of housing starts was at 1.62 million units, beating forecasts of 1.55 million.

The Fed will convene later today to decide on monetary policy and provide clarity over the future of its moves, and will unveil its decisions tomorrow.

The Organization for Economic Cooperation and Development slashed its forecast for global economic growth in 2021 to 5.7%, and lowered its forecast for the US economic growth this year to 6%.

As for stocks, Dow Jones rose 0.4% or 131 points to 34,101 as of 14:18 GMT, and S&P 500 rose 0.2% or 9 points to 4,366, while Nasdaq rose 0.3% or 39 point to 14,753.

Silver prices rose on Tuesday, to head for the first gain in 5 days, within recovery from 10-month low, as concerns eased over the Chinese company Evergrande crises, while the US dollar rose against its peers ahead of the Federal Reserve's meeting.

Silver prices rose 1.75% to $22.65 an ounce, after opening at $22.26, and hit a high of $22.23.

Silver closed lower 0.6% yesterday, the fourth straight daily loss, and hit a 10-month low at $22.02 due to concerns over Chinese demand.

China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China, maid concerns about the integrity of the Chinese real estate and credit markets.

The People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the world's second largest economy.

The dollar index fell 0.2% today, deepening losses for the second straight day, on profit-taking from 4-week high at 93.45 points.

The monetary policy meeting of the Federal Reserve will start later today, with decisions to be issued tomorrow, Wednesday, as this meeting is expected to provide very clear evidence about the timing of the start of reducing the bond purchase program.

Oil prices rose as the US market opened on Tuesday, to for the first gain in 4 days, ahead of the US crude inventories data.

US crude rose 1.5% to $71.46 a barrel, after opening at $70.43, and hit a low at $70.39, and Brent crude rose more than 1.1% to $75.16 a barrel, after opening at $74.41, and hit a low at $74.22.

The US crude fell 1.9% yesterday, and Brent crude fell 1.6%, in the third straight daily loss, due to concerns about the Chinese economy.

Oil is also being lifted thanks to a drop in the US dollar against a basket of major currencies, which lifts demand for dollar-denominated commodities and metals.

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 American Petroleum Institute reported in preliminary data last week that the US crude inventories fell to the lowest level in nearly 2 years.