Oil prices fall

Reuters

Singapore

Oil prices fell in thin trade on Tuesday as the U.S. dollar strengthened, but losses were curbed by a likely drawdown in U.S. crude and gasoline stockpiles.

Brent futures had declined 42 cents to $47.93 a barrel by 0643 GMT, after closing down 37 cents in the previous session.

U.S. crude futures dropped 32 cents to $47.76 a barrel, having settled down 33 cents the day before.

Both contracts had finished with modest losses for a fourth straight session.

The dollar index rose against a basket of currencies on Tuesday, as investors continued to factor in an increased chance of a near-term U.S. interest rate rise.

A stronger greenback makes dollar-priced commodities more expensive for holders of other currencies.

"There´s a face-off between investors and traders," said Mike McCarthy, chief market strategist at Sydney´s CMC Markets. "Investors see value in the market.