The price of Brent crude dipped with the dollar value, picking up against the euro amid concerns of excess global supply.

Meanwhile, US crude held due to strong domestic economic data, reported Reuters.

Brent Futures dropped 81 cents to level at $55.11 per barrel, while US crude oil grew 6 cents to $47.51 on Tuesday.

"The drop in Brent was seen after a 0.24% increase in the value of the dollar as against the euro.."

The drop in Brent was seen after a 0.24% increase in the value of the dollar as against the euro.

Sales of new homes rose by 7.8% to a seasonally-adjusted annual rate of 539,000 units in February, the highest since February 2008, according to the US Commerce Department.

Stocks of US crude are already at their highest in eight decades, and are expected to have grown for an 11th record-breaking week, a survey by Reuters indicated.

At Angola’s Saturno, BP lifted its force majeure on oil loadings. This stream exports around 150,000bpd. Operations were suspended on 16 March, when power was cut off to some oil fields.