Oil prices decline on strong dollar

NEW YORK, May 1 (Xinhua) -- Oil prices dropped on Tuesday as the U.S. dollar continued to rise against most major peers.

The dollar was supported on Tuesday as recent U.S. inflation data raised market speculation for more rate hikes later this year. The dollar index, which measures the greenback against six major peers, climbed 0.66 percent to 92.451 in late trading.

Oil prices were under pressure as a stronger dollar made the dollar-priced oil less attractive for holders of other currencies.

Meanwhile, the market was underpinned amid worries about the Iran nuclear deal.

The Trump administration has said it will withdraw the United States from the nuclear deal next month if it cannot reach an agreement with European partners to toughen the terms of the accord.

Analysts said if sanctions are reinstated, that could contribute to tighter global oil inventories.

The West Texas Intermediate (WTI) for June delivery lost 1.32 U.S. dollars to settle at 67.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 1.56 dollars to close at 73.13 dollars a barrel on the London ICE Futures Exchange. Enditem