Oil Prices Decline Amid Gains for Dollar, US Data Anticipation

London, Oil prices fell Tuesday, affected by the rise in the dollar, while investors turned their attention to data related to inflation in the United States scheduled for release this week. Brent crude futures for August delivery fell 20 cents, equivalent to 0.2 percent, to $85.81 per barrel, and US crude futures fell 19 cents, equivalent to 0.2 percent, to $81.44 per barrel. Both benchmarks rose about three percent last week, achieving gains for two consecutive weeks. The dollar rose 0.13 percent earlier Tuesday, highlighting the strength of the currency, which makes oil priced in dollars more expensive for traders holding other currencies. Demand for gasoline is rising, while oil and fuel stocks have decreased as the United States, the world's largest oil consumer, enters the peak consumption period in the summer. Source: Qatar News Agency