WASHINGTON (dpa-AFX) - Oil prices rebounded from a five-week low on Tuesday amid a weaker dollar and ahead of inventory data for the week ending July 19.
Benchmark Brent crude futures rose 0.4 percent to $82.69 a barrel, while WTI crude futures were up 0.3 percent at $78.64.
The upside was capped by a bleak demand outlook from China and cease-fire attempts in the Middle East.
The U.S. dollar continued its decline as investors eagerly await U.S. GDP and inflation readings this week that could provide clarity on the Federal Reserve's timeline for interest rate cuts.
The second-quarter GDP report is scheduled for Thursday while the June personal consumption expenditures data is due on Friday.
The report on personal income and spending in June includes readings on inflation said to be preferred by the Federal Reserve.
Meanwhile, the American Petroleum Institute (API) will release its U.S. crude oil inventory estimates later in the day, with analysts expecting an increase of 700,000 barrels in stocks.
The Energy Information Administration (EIA) will release official figures on Wednesday.
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