U.S. crude, gasoline stocks fell last week API
Reuters poll shows U.S. crude stocks expected to rise 10,000 bbls last week

SINGAPORE, March 20 Reuters Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multimonth highs in the previous session.

Brent crude futures for May fell 28 cents, or 0.3, to 87.10 a barrel by 0711 GMT. U.S. West Texas Intermediate futures for April delivery , which expire on Wednesday39;s settlement, fell 47 cents, or 0.6, to 83.00 a barrel. The more active May WTI contract was at 82.41 a barrel, down 32 cents.

Profittaking could be a reason for the downside movement today, Aucklandbased independent analyst Tina Teng said, adding that the recent price rally has been supported by improving demand outlook and signs of supply reduction.

Weighing on Asian buyer sentiment, the U.S. dollar index climbed higher for a fifth straight session after recent data pointed to a resilient U.S. economy.

A stronger dollar makes oil more expensive for investors holding other currencies, dampening demand.

Traders looked ahead to the Federal Reserve39;s interest rate announcement later on Wednesday for signs of its rate path for the rest of the year.

Both Brent and WTI settled at their highest levels since late October in the previous session as market participants assessed the impact on crude and petroleum supplies from Ukrainian drone attacks on Russian…