Oil erases gains edging lower on strong dollar

Oil prices erased their previous gains to trend lower on Tuesday even as global markets expect more EU sanctions against Russia.

Brent crude prices ended Monday’s session 3% higher at $107.53 a barrel, while WTI futures settled up 4% at $103.28 a barrel.

This came after last week’s losses by 13% in oil market after the U.S. president Joe Biden announced strategic oil reserve release.

Meanwhile, the U.S. dollar index rose by 0.2% to 99.1 points as the USA and EU countries discusses imposing more hard sanctions on Moscow.

WTI prices fell 0.3% or by $0.30 to trade at $102.9 a barrel by 1531 GMT, while Brent prices declined by 0.5% or $0.5 to trade at $107.03 a barrel.