Coffee prices fell on Tuesday, despite the US dollar's drop against its peers.

Coffee future contracts were lifted from the recent rebound in demand for agricultural commodities, which boosted the prices of other commodities like coffee.

Coffee was also lifted by the coronavirus pandemic and the lockdown restrictions in many countries.

Johns Hopkins University reported that the number of Covid-19 infections rose to more than 107 million cases worldwide, with a death toll of more than 2.5 million victims.

The dollar index fell against a basket of major currencies by 0.3% to 90.6 points as of 14:17 GMT, after hitting a high of 90.9 points and a low of 90.5 points.

As of 14:18 GMT, coffee futures fell 0.2% to $1.23 per pound.

The Canadian dollar held steadily against most of its peers on Tuesday, as Brent rose while the US crude came under pressure.

The markets are focused on ongoing discussions between the White House and the Congress to push through the $1.9 trillion stimulus to quickly overcome the pandemic impact.

As of 16:07 GMT, WTI crude March futures fell 0.1% to $57.9 a barrel, after hitting a high of $58.6 and a low of $57.2.

Brent April futures rose 0.2% to $60.6 a barrel, after hitting a high of $61.2 and a low of $60.05.

As of 16:26 GMT, CAD/USD rose less than 0.1% to 0.7857, after hitting today's high at 0.7867, and the low at 0.7833.

Oil prices turned lower on Tuesday, after rising earlier, to pullback from a 13-month high on profit-taking, ahead of the release of preliminary data on the US crude inventories.

US crude fell 0.9% to $57.58, after opening at $58.08, and hit a day high and the highest since January 2020 at $58.59, and Brent crude fell 0.5% to $60.34, after opening at $60.67, and hit a day high and the highest since January 2020 at $61.24.

US crude rose 2% yesterday, while Brent crude futures rose 1.9%, in their sixth straight daily gain in the longest wining streak since November.

The meeting of OPEC-Plus Joint Ministerial Committee, which is held to review the global output cut agreement, concluded with an agreement to keep the current production levels unchanged until the end of March.

OPEC-Plus agreed on early December to increase output by 500,000 barrels per day starting from January 2021, and agreed to hold a monthly ministerial meeting to review the market situation and adjust production levels accordingly.

Saudi Arabia also announced a voluntary output cut of about one million barrels per day during February and March to balance the market.

US President Joe Biden administration is working with the Congress to push through extra stimulus to quickly overcome the pandemic impact.

Additionally, traders are optimistic about the recovery in fuel demand, thanks to large vaccination campaigns and the easing of lockdown restrictions.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report Tomorrow.

The major US stock indices opened lower on Tuesday, after posting record highs yesterday.

US President Joe Biden administration is working with the Congress to push through the $1.9 trillion stimulus to quickly overcome the pandemic impact.

The Senate has passed the US President Joe Biden administration's stimulus plan to quickly overcome the pandemic impact.

The markets are anticipating the release of more quarterly earning reports later this week, led by Twitter and Coca-Cola.

As of 14:53 GMT, Dow Jones fell 0.3% or 91 points to 31,295, and S&P 500 fell 0.1% or 5 points to 3,910, while Nasdaq rose 0.1% or 16 points to 14,005.