U.S. oil price settled higher on Tuesday after reports of inventory declines at a key storage hub in the country.
The latest data from market intelligence company Genscape showed that inventories at Cushing, Oklahoma, the delivery point for U.S. crude futures, fell 2.1 million barrels in the week to Feb. 16, according to Reuters.
A strengthening U.S. dollar, however, weighed on the market. The dollar index, which measures the greenback against six major peers, increased 0.58 percent to 89.717 in late trading on Tuesday. A stronger greenback made the dollar-priced oil less attractive for holders of other currencies.
The West Texas Intermediate (WTI) for March delivery was up 22 U.S. cents to settle at 61.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 57 cents to close at 65.25 dollars a barrel on the London ICE Futures Exchange.
Editor:Yaling
