In this paper we analytically compute the strength of nonlinear interactions in a triad, and the energy exchanges between wave-number shells in incompressible fluid turbulence. The computation has been done using first-order perturbative field theory. In three dimensions, magnitude of triad interactions is large for nonlocal triads, and small for local triads. However, the shell-to-shell energy transfer rate is found to be local and forward. This result is due to the fact that the nonlocal triads occupy much less Fourier space volume than the local ones. The analytical results on three-dimensional shell-to-shell energy transfer match with their numerical counterparts. In two-dimensional turbulence, the energy transfer rates to the nearby shells are forward, but to the distant shells are backward; the cumulative effect is an inverse cascade of energy.