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Oil steadies ahead of preliminary U.S. inventory report

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

Oil prices steadied on Tuesday, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude prices from session lows despite forecasts for data showing a second straight weekly build in U.S. crude stockpiles.

U.S. crude inventories likely rose by 2.4 million barrels in the week to Oct. 14, a Reuters poll of oil market analysts found. In the previous week to Oct 7, stocks grew by 4.9 million barrels. [EIA/S]

The American Petroleum Institute (API), an industry group, will issue its report on domestic oil stocks at 4:30 p.m. EDT (2030 GMT), after Tuesday's market settlement. The U.S. Energy Information Administration (EIA) will issue official numbers on Wednesday.

Brent crude LCOc1 was flat at $51.52 a...