WASHINGTON (dpa-AFX) - Oil prices declined on Wednesday as industry data showed a rise in U.S. crude inventories. A weaker dollar and the threat of more sanctions on Iranian oil exports helped limit overall losses to some extent.
Benchmark Brent crude futures dipped 0.3 percent to $66.44 in early European trade after climbing nearly 2.6 percent in the previous session, hitting their highest level since late April. WTI crude futures were down half a percent at $63.38.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.287 million barrels in the week ending May 9 while analysts had expected a 2.4-million-barrel draw.
The U.S. dollar softened, adding to steep losses in the previous session after U.S. consumer price index came in weaker than expected last month.
Meanwhile, there were some concerns on the supply side after the U.S. Treasury Department imposed sanctions on more than 20 companies in a network that it said has long sent Iranian oil to China.
The move is part of the Trump administration's maximum pressure campaign aimed at curbing Iran's oil revenues and deterring its military and nuclear ambitions.
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