Oil prices keep falling ahead of U.S. stockpile data

Added On July 20, 2016

NEW YORK, July 19 (Xinhua) -- 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.