Oil recoups losses ahead of US inventories data

Oil prices rose on Tuesday, to erase earlier losses as the US dollar fell against most major currencies, ahead of the US inventories data.

OPEC and independent producers (OPEC-Plus coalition) agreed on Friday on further output cuts by about 500K barrels per day to 1.7 million bpd, until end of March 2020.

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

Otherwise, the dollar index fell against a basket of major currencies by 0.2% to 97.4 points as of 18:18 GMT, and hit an intraday high of 97.6 a low of 97.4.

As for trading, West Texas Intermediate (WTI) rose 0.2% to $59.1 a barrel as of 18:16 GMT, with a high of $59.4 and a low of $58.5 .

Brent rose by 0.1% to $64.3 a barrel, and hit a high of $64.6 and low of $63.7.