WASHINGTON (dpa-AFX) - Oil prices fell for a second straight session on Tuesday, after having surged for five days in a row last week on optimism of more policy support to revive economic growth in China, the world's largest crude importer.
Benchmark Brent crude prices dipped 0.4 percent to $76.02 in European trade while WTI crude futures were down 0.6 percent at $73.14.
While signs of rising supply from non-countries weighed on prices, the downside remained capped somewhat due to ongoing concerns over tightening Russian and Iranian supply amid sanctions.
Also, the dollar fell toward a one-week low after U.S. President-elect Donald Trump called reports about him considering scaling back his tariff plans, 'fake news.'
This week's weakness is likely due to profit taking after both contracts settled at their highest levels since October on Friday.
As demand optimism fades, investors now await more U.S. economic data this week, including the December nonfarm payrolls report on Friday, for additional clues on the Fed's rate trajectory.
Money managers raised their net long U.S. crude futures and options positions in the week to Dec. 31, the U.S. Commodity Futures Trading Commission said on Monday.
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