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.

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.

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,

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 from the tightening supplies from Russia and other OPEC members.