The American Petroleum Institute reported today in preliminary data that the US crude inventories rose 7.4 million barrels during the past week, beating forecasts of a rise by 1.3 barrels.

Gasoline stocks fell 9.9 million barrels, and the distillate stocks fell 9.1 million barrels.

While the Energy Information Administration will release its official report on Wednesday, which affects price movements.

US stock indices closed lower on Tuesday, weighed down by the tech and energy sectors losses.

The US House of Representatives passed earlier this week President Joe Biden's $1.9 trillion stimulus plan, but the Senate has to vote on the bill in order to implement it.

The US health authorities (FDA) approved the emergency use of the Johnson & Johnson's Covid-19 vaccine, which is taken in only a single dose.

To the oil market, WTI crude March futures fell 1.5% or 89 cents, and closed at $59.57 a barrel, after hitting a day high of $62.9 and a low of $59.9.

Brent May futures fell 1.5% or 99 cents, and closed at $62.7 a barrel, after hitting a high of $64.1 and a low of $63.1.

As for stocks, Dow Jones fell 0.5% or 144 points, and closed at 31,391, with a day high of 31,623, and a low of 31,377.

Nasdaq fell 1.7% or 230 points to 13,358 points, with a high of 13,358 and a low of 13,352.

S&P 500 fell 0.8% or 31 points to 3,870, after hitting a high of 3,906 and a low of 3,868.

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.

Silver prices rose on Tuesday, for the second straight day, as the US dollar fell against most of its peers.

The US House of Representatives passed earlier this week President Joe Biden's $1.9 trillion stimulus plan, but the Senate has to vote on the bill in order to implement it.

The US health authorities (FDA) approved the emergency use of the Johnson & Johnson's Covid-19 vaccine, which is taken in only a single dose.

The dollar index fell against a basket of currencies by 0.3% to 90.7 points as of 21:07 GMT, after it hit a high of 91.3 points and a low of 90.7 points.

Silver May futures rose 0.8% or 20 cents, and closed at $26.879 an ounce, after hitting a high of $26.985 and a low of $25.730.