FX.co ★ Oil Prices Edge Higher On A Weaker Dollar

Oil prices edged higher on Tuesday, with a weaker dollar and news of extended financial support to China's property sector offering some support.

Benchmark Brent crude futures were marginally higher at $77.75 a barrel, while WTI crude futures were up 0.2 percent at $73.14.

The dollar hit a two-month low after comments from several Fed officials suggested the U.S. central bank is nearing the end of its rate-hiking cycle.

Markets expect U.S. inflation data due on Wednesday to provide additional clues on the interest rate outlook.

Elsewhere, China said it would extend policies to support its ailing property market. Oil prices also remained supported by supply cuts announced by the world's biggest oil exporters Saudi Arabia and Russia.

Saudi Arabia and Russia announced fresh output cuts last week, bringing total reductions by the OPEC+ group to around 5 million barrels per day (bpd), or about 5 percent of global oil demand.