Oil was steady below $79 on Tuesday as the dollar strengthened on European sovereign risk worries and forecasts for rising U.S. crude and gasoline inventories capped prices. Prices retreated after the dollar gained 0.65 percent against a basket of currencies. On Tuesday the dollar gained a further 0.3 percent as concern swirled about sovereign risk issues in Europe. U.S. crude inventories probably rose 1.3 million barrels last week amid higher imports, a Reuters survey showed, while gasoline stockpiles may have gained 400,000 barrels. Crude Oil is trading at $79.75 as of 21:11pm, GMT, with a bearish trend. Crude's Pool-Position is 23% Long, meaning that most Finotec clients are selling the commodity.

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