Extending their previous session’s losses, crude oil futures ended lower on Tuesday as traders awaited weekly crude inventory data for further direction. Oil prices moved higher earlier in the day as the dollar retreated but failed to hold gains and slipped into the red as the session progressed. Investors were looking ahead to the weekly inventory report from the American Petroleum Institute (API). The Energy Information Administration (EIA) is scheduled to release its weekly oil report on Wednesday. According to a survey, crude stockpiles may have risen by about 2.7 million barrels in the week ended March 5.
Crude oil futures for April fell $1.04 or about 1.6 percent to settle at $64.01 barrel on the New York Mercantile Exchange. May Brent crude dropped $0.77 or 1.1 percent to settle at $ 67.46 a barrel on London's Intercontinental Exchange.