Investing.com – Oil extended losses Tuesday as hopes of an output curb accord in Algiers this week faded.
Oil had surged over 3% overnight on hopes OPEC members might move to address a global glut.
U.S. crude was down 66 cents, or 1.44%, at $45.27 at 07:15 ET, while Brent crude shed 0.58% to $47.65.
Saudi Energy Minister Khalid al-Falih on Tuesday described the informal meeting of major producers in Algiers as consultative.
Iran downplayed the chances of an accord at what it described as an “advisory" meeting.
American Petroleum Institute (API) U.S. crude stock data are due out later in the session.
These will be followed Wednesday by official Energy Information Administration (EIA) figures on Wednesday.
A build-up of 2.8 million barrels in U.S. crude stocks to 507.4 million is expected in the latest week.
The dollar firmed after the markets gave Hillary Clinton the edge in Monday’s presidential debate.
A stronger dollar undermines demand for oil.