The Brent crude benchmark opened slightly lower on Tuesday as the U.S. dollar strengthened and traders waited for cues from the U.S. Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday.
Brent crude was down 59 cents, or 0.5%, at $83.57 a barrel on Tuesday. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was up 78 cents, or 1.02%, at $77.12 at 0146 GMT.
WTI futures did not settle on Monday because of a public holiday in the United States. The WTI April contract, currently the most active, was up 52 cents, or 0.68% at $77.07. "The U.S. dollar strengthened and pressed on the oil price in the Asian session today, causing a pullback in the oil markets from yesterday's rebound," said Tina Teng, an analyst at CMC Markets.
Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday, as data on core inflation has raised the risk of interest rates remaining higher for longer.
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