Crude prices tumbled and settled lower on Tuesday, as the U.S. dollars rebounded against a basket of major currencies and equity market extended losses, Xinhua reported.
Light, sweet crude for July delivery dropped 15 cents to settle at 70.47 U.S. dollars a barrel on the New York Mercantile Exchange.
The contract price jumped 3 percent to the height of 72.77 dollars a barrel during the morning session, boosted by a weaker dollar and bullish U.S. housing data.
However, oil price followed the lead of equity market and made a dive to the intra-day low of 69.80 dollars a barrel afterwards, as the dollar rebounded against the euro, which exerted downward pressure on the price of oil.
The market now is awaiting the weekly inventory report due to be released on Wednesday by the Energy Information Administration (EIA), which may provide some insight about crude supply and consumption status.
In London, Brent crude for August delivery ended unchanged at 70.24 dollars a barrel on the ICE Futures exchange.