Global oil prices declined during American trading on Tuesday, with US crude retreating from two-month highs and Brent dipping below $85 a barrel due to profit-taking and pressure from a strong dollar.
The losses occurred ahead of initial US crude stock data from the American Petroleum Institute, which is expected to show another increase.
Prices
US crude dropped 0.8% today to $84.52 a barrel, after reaching a session high of $85.35.
On Monday, US crude rose by 1.5%, while Brent increased by 0.2%, marking the second gain in three days amid hopes for lower global inventories during the summer.
The Dollar
The dollar index climbed 0.3% on Tuesday, resuming its rise and nearing seven-week highs against a basket of major currencies.
These gains followed positive US housing prices and consumer confidence data, which diminished the likelihood of interest rate cuts by the Federal Reserve in September and November.
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