Oil rises ahead of US inventories data, Brent climbs near $64

Oil prices rose on Tuesday, as the US dollar fell against its counterparts, ahead of the US inventories data.

Reuters reported that OPEC expects a drop in global oil inventories by about 400 million barrels this year.

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

The dollar index fell against a basket of currencies by 0.3% to 90.7 points as of 17:34 GMT, after it hit a high of 91.3 points and a low of 90.7 points.

As of 17:31 GMT, WTI crude March futures rose 0.4% to $60.9 a barrel, after hitting a day high of $62.9 and a low of $59.9.

Brent May futures rose 0.3% to $63.9 a barrel, after hitting a high of $64.1 and a low of $63.1.