Oil prices settled lower on Tuesday, as the dollar rose amid signs of profit-taking, after rising in July when investors bet on declining global supplies and demand growth in the second half of the year.
Brent crude futures for October fell to $84.91 a barrel, down 52 cents, or 0.6%, at settlement. On Monday, the settlement of the front-month Brent crude contract reached its highest level since April 13.
US West Texas Intermediate crude was $81.37 a barrel, down 43 cents, or 0.5 percent, from the settlement price in the previous session, when it reached the highest level since April 14.
The dollar index, which measures the performance of the US currency against six major currencies, rose 0.40%. A strong dollar makes crude more expensive for holders of other currencies.
The latest data from the United States, the world’s largest fuel consumer, showed that fuel demand rose to the highest level since August 2019. A Reuters poll also predicted that crude oil and gasoline inventories in the United States fell last week.
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