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.

​​​Brent crude oil rally stalls while copper, silver prices rise​ amid weakening US dollar.​

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.

Both benchmarks fell more than 1 per cent on Wednesday as a stronger dollar and the bigger-than-expected rise in US fuel stockpiles weighed on prices