Oil prices were higher on Tuesday, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude futures from session lows despite forecasts for a second straight weekly build in U.S. crude stockpiles.
U.S. crude inventories likely rose by 2.4 million barrels in the week to Oct. 14, a Reuters poll of oil market analysts found. In the previous week to Oct 7, stocks grew by 4.9 million barrels.
The American Petroleum Institute (API), an industry group, will issue its report on domestic oil stocks at 4:30 p.m. EDT (2030 GMT), after Tuesday's market settlement. The U.S. Energy Information Administration (EIA) will issue official numbers on Wednesday.
Brent crude rose 19 cents to $51.71 a barrel by 2:38 p.m. ET (1838 GMT), down from a session peak of $52.09. U.S. West Texas Intermediate (WTI) crude settled up 35 cents at $50.29, after earlier climbing to $50.53.
The dollar was mixed in choppy trading. A strong dollar makes crude and other commodities denominated in the greenback less affordable to holders of other currencies.