Tuesday saw West Texas Intermediate crude oil futures lose value as the U.S. dollar gained in strength ahead of key congressional testimony scheduled for Wednesday in the U.S. capital, Bloomberg reports.
Investors and analysts are set to closely listen to U.S. Federal Reserve chair Ben Bernanke's testimony on Wednesday as he is likely to discuss the prospects of quantitative easing. Speculation has been swirling that the economy-spurring measure is likely to draw down, which has been benefiting the value and market performance of the U.S. dollar as of late.
"The market is so used to liquidity these days that people are scared about QE coming to an end," analyst Amrita Sen with Energy Aspects told The Wall Street Journal on Tuesday.
At 11:21 a.m. on Tuesday, WTI crude oil futures fell 0.95 percent, a 92-cent dive to $95.79 per barrel. Brent crude oil futures dropped 0.94 percent, a 99-cent drop to $103.81 per barrel.
Weekly inventory reports are set to be released later this week, according to The Wall Street Journal. That data also impacts the performance of the energy commodity.