Oil extends rally ahead of US inventories data

Oil prices rose on Tuesday, as the US dollar steadied against most of its peers, ahead of the US inventories data.

The US Federal Reserve will reveal its interest rate decision tomorrow, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.

The dollar index rose against a basket of major currencies by less than 0.1% to 90.5 points as of 17:56 GMT, after hitting a high of 90.6 points and a low of 90.3 points.

As of 17:53 GMT, WTI crude July futures rose 1.5% to $71.9 a barrel, after hitting a high of $72.1 and a low of $70.8.

Brent August futures rose 1.4% to $73.8 a barrel, after hitting a high of $74 and a low of $72.7.