Oil rebounds ahead of US crude inventories data

Oil prices rose Tuesday, to recoup some of the recent losses, which comes ahead of the US crude inventories data.

The American Petroleum Institute (API) will release its inventories preliminary data later today, and the Energy Information Administration (EIA) will release the official data tomorrow.

Otherwise, the dollar index rose against a basket of currencies by 0.1% to 98.05 points at 19:00 GMT, after hitting a high of 98.1 and a low of 97.9.

Markets are still closely monitoring the latest updates on the coronavirus crisis in China and other countries, amid growing fears of a global pandemic.

WTI crude was higher by 0.5% to $53.3 a barrel at 18:45 GMT, with a day high of $53.9 and and a low of $52.6.

Brent rose 0.3% to $59.5 a barrel, and hit a high of $60.1 and a low of $58.5.