Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members.

Investing.com--Oil prices edged higher Wednesday, extending a bounce from the prior session as US industry data pointed to a drop in oil inventories, while production by OPEC countries was seen falling.

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened while U.S. crude oil stocks fell last week, market sources said, citing American Petroleum Institute figures. Also supporting prices was an unexpected increase in U.

U.S. crude oil futures inched higher in post-settlement trading Tuesday after the American Petroleum Institute reported a larger-than-expected decline in weekly domestic crude stockpiles. Crude Oil WTI Futures,