REUTERS
Oil prices continued to collapse in world trading on Tuesday.
Brent September crude LCOc1 was 6 cents lower at $56.59 a barrel by 06:54 GMT, after settling 45 cents lower on Monday. The contract has shed about $7 so far this month, according to Reuters.
U.S. August crude CLc1, set to expire on Tuesday, fell 19 cents to $49.96 a barrel. The front-month contract fell below $50 a barrel on Monday for the first time since April and is down some $9 a barrel for the month.
Prices have come under further pressure this week from a strengthening dollar, which is trading close to three-month highs. DOLLAR INDEX SPOT (DXY) on expectations of higher U.S. interest rates.
A firm dollar makes crude more expensive for investors using other currencies, while higher interest rates are seen as drying up liquidity, possibly weighing on appetite for commodities.