Oil prices ended lower Tuesday as investors awaited the Energy Information Administration's (EIA) inventory data scheduled for release Wednesday.
Traders kept a close eye on U.S. crude inventory data, which was expected to drop for a ninth straight week. A Reuters poll of oil market analysts showed U.S. crude stockpiles likely fell 2.2 million barrels last week.
However, a rallying dollar and a global fuel glut offset the support of a declining forecast. The dollar index, which tracks the greenback against six major peers, rose to a four-month high Tuesday, making dollar-denominated oil less attractive for holders of other currencies.
The West Texas Intermediate for August delivery dropped 0.59 U. S. dollar to settle at 44.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery fell 0.30 dollar to close at 46.66 dollars a barrel on the London ICE Futures Exchange.
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