Fed policymakers say new inflation data due later this week will help them decide whether to slow the rate hike at their next meeting to a quarter of a percentage point instead of raising it more aggressively, as they did for most of last year.
price movements
And by 0500 GMT, Brent crude futures for March delivery fell 49 cents, or 0.6 percent, to $ 79.16 a barrel, and West Texas Intermediate crude futures fell 39 cents, or 0.5 percent, to $ 74.24 a barrel, according to Reuters data.
Both benchmarks jumped 1% on Monday after China opened its borders over the weekend for the first time in three years.
A preliminary poll conducted by Reuters on Monday revealed that US crude stocks are likely to decline by 2.4 million barrels, while distillate stocks will decline slightly.
The American Petroleum Institute will announce US crude inventories data at 4:30 local time (2030 GMT) on Tuesday.
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