Crude oil futures fell Tuesday, trimming recent gains as the dollar strengthened versus major rivals.
April WTI oil was down 90 cents, or 1.4%, to settle at $63.01/bbl.
The dollar rallied on perceived hawkish remarks from new Federal Reserve Chair Jerome Powell.
In Powell’s view, the recent stock market correction will not convince the Fed to delay raising interest rates.
“At this point, we do not see these developments as weighing heavily on the outlook for economic activity, the labor market and inflation. Indeed, the economic outlook remains strong,” Powell said.
The American Petroleum Institute reports its weekly survey on U.S. stockpiles this afternoon, followed tomorrow by the Energy Information Administration’s official data.