WASHINGTON (dpa-AFX) - Oil prices traded slightly lower on Tuesday, after having surged 3 percent to a one-week high in the previous session on hopes of strong summer demand for fuel and potential U.S. crude purchases for its petroleum reserve.
Benchmark Brent crude futures dipped 0.3 percent to $81.43 a barrel, while WTI crude futures were down 0.2 percent at $77.55.
Investors await the release of a monthly report from OPEC later in the day that will provide a snapshot on the market outlook.
A similar report from the International Energy Agency is due later this week.
The Energy Information Administration's weekly inventory data is due on Wednesday while Wednesday's U.S. consumer price data and the Federal Reserve interest-rate decision may offer additional clues on the U.S. economic and rate outlook.
The Fed is widely expected to leave interest rates unchanged, but traders will pay closer attention to Fed officials' updated projections for the economy and rates.
After Friday's strong jobs report, markets are now pricing in just one rate cut this year, in November, according to the CME FedWatch Tool.
Ahead of the Fed announcement, the Labour Department is scheduled to release its report on consumer price inflation for May.
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