Oil pares some gains ahead of API's inventories data

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.