The West Texas Intermediate (WTI) for November delivery lost 16 cents to settle at 75.29 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased 44 cents to close at 79.09 dollars a barrel on the London ICE Futures Exchange.
The slide came amid a stronger U.S. dollar. The dollar index, which measures the greenback against six major peers, increased 0.41 percent to 93.7686 in late trading on Tuesday. Historically, the price of oil is inversely related to the price of the U.S. dollar.
Traders await data on U.S. crude stockpiles as the U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 4.5 million barrels for the week ending Sept. 24.
Latest comments