Oil rises nearly 1.5% ahead of US inventories data

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.