The price of oil fell today for the second time due to an anticipated rise in US stocks and a weak technical outlook.

US crude for March decreased by 27¢ to stand at $87.60 a barrel at 01.06 EST after posting a 1.39% loss on Monday, while ICE Brent crude for March fell 1¢ to stand at $96.60 a barrel, reports Reuters.

Crude oil inventories in the US increased due to a rise in imports, while refinery use remained unchanged after a sharp fall the previous week.

The euro continued a two-month peak on Tuesday with rising optimism about a possible increase in European Central Bank interest rates ahead of US Federal Reserves.