While the U.S. Energy Department is set to release inventory figures on Wednesday, the world's reserve currency dropped to its lowest value in about 21 days against the shared currency of the European Union. Some analysts forecast supplies of the energy commodity will increase for a 12th consecutive week.
"We'll see a continuous build in crude oil and fundamentally we should be around $85," commodity fund manager Tariq Zahir with Tyche Capital Advisors in New York told the news source on Tuesday. "The dollar is weaker and that's helping oil."
At 10:32 a.m. on Tuesday, Brent crude oil futures fell 0.13 percent, a 9-cent loss to $104.75 per barrel. At 10:37 a.m., West Texas Intermediate crude oil futures lost 0.1 percent, a 7-cent slip to $93.37 per barrel.
Reuters reports Venezuela, a powerful member nation of the Organization of the Petroleum Exporting Countries, has discovered new reserves of 1 billion barrels of light crude in the eastern region of the country.
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