Crude oil futures ended lower on Tuesday, snapping a five-day winning streak, as a sell-off in stock markets, and a stronger dollar weighed on the commodity.
Oil prices moved higher early on in the session with tighter supplies and optimism about energy demand.
The yield on U.S. 10-year Treasury note rose to above 1.5%, a three-month high, amid rising prospects of the Fed tapering its bond-buying program in the foreseeable future.
The dollar index rose to 93.81, gaining nearly 0.5%.
West Texas Intermediate Crude oil futures for November ended lower by $0.16 or about 0.2% at $75.29 a barrel, coming off a high of $76.67 a barrel.
Brent crude futures were down $0.72 or 0.9% at $78.00 a barrel a little while ago.
Traders now await weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA).
The API’s report is due later today, while the EIA will release its inventory data Wednesday morning.