Oil prices trade little slightly lower on the day, although having recovered from daily lows over the last hours as focus turns to US inventory data.
Oil retreated from near $51.00 a barrel, level reached after the release of US inflation data, and fell to a low of $50.12/bbl before finding support. Spot was last trading at $50.30, still 0.28% below its opening price.
The greenback initially weakened but then turned higher after data showed US CPI rose 0.3% in September and 1.5% YoY, its largest 12-month increase since October 2014, both matching expectations. The core CPI, which excludes, volatile categories such as food and energy, rose 0.1% in September and 2.2% YoY, slightly below the 2.3% expected.
Investors attention now turns to US weekly inventory data. Industry group the American Petroleum Institute (API) is due to release its weekly report at 20:30 GMT. Meanwhile, official data from the Energy Information Administration will be published Wednesday at 14:30 GMT, with consensus calling for a 2.4 million barrels build last week.