U.S. crude futures were trading slightly below $50 a barrel on Tuesday morning as the dollar traded at a three-month peak, ahead of key data on weekly crude stocks later in the day.
The U.S. dollar held near multi-year highs on the yen and euro on Tuesday amid starkly different outlooks for global interest rates, while Asian investors braced for more economic news from China.
Producer prices year-on-year for February fell 4.8%, more than the 4.3% decline expected. But consumer prices year-on-year for the same month rose 1.4%, faster than the 0.9% gain expected.
Investors are looking ahead to U.S. industry figures from the American Petroleum Institute for crude and refined product stockpiles last week to be announced later Tuesday. On Wednesday, the U.S. Department of Energy will release its own, more closely watched, figures on the same.
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