Oil falls to $84 before U.S. inventories and OPEC+ meeting | Reuters

Oil falls to $84 before U.S. inventories and OPEC+ meeting | Reuters

Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and of Thursday's OPEC+ meeting.

Analysts in a Reuters poll expect U.S. crude inventories to have increased by 1.6 million barrels . Industry group the American Petroleum Institute releases the first of this week's two supply reports at 2030 GMT.

Brent crude was down 68 cents, or 0.8%, at $84.03 a barrel by 1340 GMT, while U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 0.8%, to $83.40.

"The oil rally faces some headwinds this week," said Jeffrey Halley of brokerage OANDA. "Oil looks very much like it is going to range-trade ahead of the OPEC+ meeting on Thursday although pre-meeting rumours will lead to some intraday volatility."