Oil prices fell 1% amid weak economic data from the US and Germany, reversing recent gains driven by a weaker dollar and surging winter demand in the US.
Oil prices surged to multi-month highs as US crude stockpiles fell for the sixth straight week, boosting WTI and Brent amid tightening supplies and bullish technical trends.
Oil prices rose Wednesday after U.S. crude inventories fell, but gains were capped as the Federal Reserve hinted at slower rate cuts. A stronger dollar also tempered optimism.
