NEW YORK (CNNMoney.com) -- Oil prices fell Tuesday as a stronger dollar overshadowed a modest advance on Wall Street.
What prices are doing: Light, sweet crude for April delivery fell 89 cents to settle at $81.49 a barrel.
 |
| Click the chart for current oil prices. |
What's moving the market: Prices drifted lower as investors focused on a stronger dollar amid a lack of market-moving economic news.
The dollar index (DXY), which measures the greenback against a basket of other currencies, was up 0.3% to 80.66. A stronger dollar typically weighs on prices for commodities that are priced in the U.S. currency.
But losses were tempered by an advance on Wall Street, where stocks pushed higher.
Many oil traders view the stock market as a leading indicator of economic activity. As a result, oil prices often rise in tandem with the major stock indexes.
"The stronger dollar is trying to pull the market down and the stock market is trying to pull it up," said James Cordier, president of Liberty Trading Group. "I think most people are waiting for the supply numbers."
The American Petroleum Institute will release its weekly report on U.S. supplies of crude oil later Tuesday.
On Wednesday, the government's weekly oil inventory report is expected to show that U.S. supplies of crude oil rose by 2.1 million barrels last week, according a survey of industry analysts from research firm Platts.
The Energy Information Administration report is also expected to show that supplies of gasoline and distillates, used in heating oil and jet fuel, fell.
What analysts are saying: Despite Tuesday's decline, many analysts expect crude prices to continue moving higher in the months ahead as gasoline demand begins to improve.
"Our price outlook for the second half of this year remains positive with the crude oil market tightening as global demand recovers," analysts at BofA Merrill Lynch Global Research wrote in a report.
"We currently see the crude oil market in a small deficit this year, with demand picking up particularly towards the end of the year," the report said. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.88% | 3.85% | |
| 15 yr fixed | 3.20% | 3.17% | |
| 5/1 ARM | 2.88% | 2.85% | |
| 30 yr refi | 3.95% | 3.91% | |
| 15 yr refi | 3.29% | 3.25% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,845.13 | -17.10 | -0.13% |
| Nasdaq | 2,901.99 | 0.00 | 0.00% |
| S&P 500 | 1,344.33 | -0.57 | -0.04% |
| Treasuries | 1.94 | 0.04 | 1.95% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.97 | 0.13 | 1.66% |
| Sprint Nextel Corp | 2.46 | 0.14 | 6.03% |
| Ford Motor Co | 12.96 | 0.17 | 1.33% |
| General Electric Co | 19.05 | 0.03 | 0.16% |
| Cisco Systems Inc | 20.19 | 0.10 | 0.50% |
|
Facebook's founder will pay a steep price to exercise stock options worth as much as $5 billion. More |
The government sparked criticism for spending less on its small business lending fund for small businesses than intended, but now it says the fund will profit taxpayers. More |
Facebook's founder will pay a steep price to exercise stock options worth as much as $5 billion. More |
The government sparked criticism for spending less on its small business lending fund for small businesses than intended, but now it says the fund will profit taxpayers. More |
More than a third of Americans live in households receiving government assistance. Medicaid and food stamps are most popular programs. More |
.
