Oil futures slipped Wednesday as industry data pointed at rising U.S. oil stockpiles and on the back of a stronger U.S. dollar, which tends to dent commodities priced in the currency.
U.S. benchmark West Texas Intermediate crude oil for March delivery fell 9 cents, or 0.2%, at $53.57 a barrel. Front-month contract prices marked their lowest settlement on Tuesday -- at $53.66 a barrel -- since Jan. 29, according to FactSet data. Prices marked a recent peak at $55.26 last week, a roughly 2½-month high, and have slogged around in narrow trading ranges since.
International benchmark April Brent was down 11 cents, or 0.2%, to $61.87 a barrel on ICE Futures Europe. It was down over 1% earlier in the day.
The ICE U.S. Dollar index was up 0.1% at 96.16.
The American Petroleum Institute, an industry group, released weekly inventory data late Tuesday that showed U.S. crude stockpiles had built by 2.5 million barrels last week. Still, the number is below that expected in another survey.