Oil prices fell back below 75 U.S. dollars a barrel on Tuesday as the dollar strengthened against major currencies and investors eye a build in supply, Xinhua reported.
The dollar gained ground against the euro and other major counterparts on Tuesday, pressuring on oil prices. A strong greenback usually limits the appeal of commodities including crude futures as an alternative investment.
Meanwhile, investors remain bearish about the energy demand. The U.S. Energy Department will release the latest inventory report on Wednesday, and market expects an increase in oil stockpiles.
Light, sweet crude for March delivery fell 55 cents to settle at 74.71 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for March delivery dipped 38 cents to 73. 31 dollars a barrel on the ICE Futures Exchange.