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International benchmarks for oil prices rose on Tuesday (26 April) as the US dollar fell ahead of the Federal Reserve meeting on Tuesday and Wednesday propped up commodities prices traded in USD. Market is now closely watching for the announcement from the Fed officials to gauge the likelihood of another interest rate hike and the current state of the US economy. Besides, the US Energy Information Administration would release a weekly report on the US commercial oil products inventories on Wednesday. Analysts are expecting another drop in inventories of petroleum products including gasoline and diesel fuel.

In another news, Bloomberg News reported Saudi Arabia sold a spot cargo of 730,000 barrels to an independent Chinese refiner, breaching its traditional deal method of selling based on contract and underscores its desire to expand market share in Asia.

WTI closed at $44.04/b (+$1.40) June delivery

Brent closed at $45.74/b (+$1.26) June delivery