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Investing.com -- Crude oil futures neared a six-year low on Tuesday, before slightly rebounding in afternoon trading ahead of Wednesday's key Federal Open Market Committee meeting.
On the New York Mercantile Exchange, April deliveries of WTI crude fell 0.42 or more than 0.6% to $43.46 a barrel. Prices fell below $45 a barrel in morning trading before rebounding to a daily-high of $45.75 in U.S. afternoon trading. WTI crude oil futures still closed lower for the sixth consecutive day.
On the Intercontinental Exchange (ICE), brent crude for April delivery dropped 0.52 or 0.96% to $53.42 a barrel. Brent crude futures traded between $52.57 and $54.10, as price changes remained volatile. The spread between the international and U.S. domestic benchmark remained steady at around $10 a barrel.
In Africa, energy ministers from Algeria, Angola and Nigeria met to discuss a strategy to combat plunging global oil prices, the Algerian state-run news agency APS reported.
The U.S. dollar, meanwhile, slowed its rapid appreciation against the euro, falling modestly against its European counterpart for the second consecutive day. In U.S. afternoon trading, EUR/USD traded at 1.0592, up 0.0024 or 0.23%. The currency pair traded at a range of 1.0552 and 1.0651 on a light day of trading.
The U.S. Dollar Index, which measures the strength of the greenback against a basket of six major currencies, fell 0.15% to 99.99. Last week, the index moved above the historic 100 level to reach a 12-year high.
Dollar-denominated commodities such as crude oil weigh on foreign purchasers when the dollar becomes stronger.
Oil traders await the release of the U.S. Energy Information Administration (EIA) weekly report on crude oil inventories on Wednesday. Last week, oil inventories for the week ending Mar. 6 increased by 4.5 million barrels, slightly above estimates of a 4.4 million increase. A week earlier, inventories rose by 10.3 million barrels, the highest weekly increase since 2002. Rising inventories have increased concerns that supply levels could reach capacity sooner than anticipated.
In addition, the Federal Reserve on Wednesday could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year.
Typically, when the Fed eliminates such language it signals that an interest rate hike will occur at either of its next two meetings. Following the two-day meeting this week, the FOMC will convene in June before meeting again in September.
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