Oil Losses Exceed 1% Ahead of OPEC Summit

Oil prices declined on Tuesday, after the reopening of the Suez Canal limited concerns about supply flows.

In addition, the surge by the U.S. Dollar (USD) weighed on crude prices, ahead of the OPEC+ meetings, which will decide whether major producers will extend their output curbs during May or not.

Brent crude futures for May delivery lost 84 cents, or 1.3%, to close at $64.14 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures finished lower by $1.01, or 1.6%, at $60.55 per barrel.

Data by the American Petroleum Institute (API) showed that crude oil inventories in the United States increased by 3.9 million barrels last week.