Oil prices fall as #Saudi supply risks abate, stronger dollar | Reuters

Oil prices fall as Saudi supply risks abate, stronger dollar | Reuters

Oil prices fell on Tuesday, reversing earlier gains, on receding fears of a supply disruption in Saudi Arabia, the world’s biggest oil exporter, after an attack on its export facilities, and on concerns a stronger U.S. dollar would crimp demand.

Prices rose earlier on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in the United States, the world’s biggest fuel consumer.

Brent crude futures for May fell by 46 cents, or 0.7%, to $67.78 a barrel by 0736 GMT, after earlier rising to a session high of $69.

U.S. West Texas Intermediate (WTI) crude for April slipped by 52 cents, or 0.8%, to $65.53, after earlier rising to as high as $65.68.

“Crude prices are declining as the strong dollar trade shows no signs of weakening,” said Edward Moya, senior market analyst at OANDA.