Oil declines despite unexpected US inventory drawdown
Oil prices fell on Wednesday as the dollar stabilized against major rivals despite US inventory data.
The Energy Information Administration reported a drop of 5.4 million barrels in US crude stocks last week, while analysts expected a rise of 2 million barrels.
Gasoline stocks rose 2.2 million barrels, while distillate stocks rose 1.1 million barrels.
US crude futures due in December fell 1.6% as of 19:07 GMT to $85.5 a barrel.
Brent January futures fell 1.1% to $92.7 a barrel.
US crude stocks fall unexpectedly
The Energy Information Administration reported a drop of 5.4 million barrels in US crude stocks last week, while analysts expected a rise of 2 million barrels.
Gasoline stocks rose 2.2 million barrels, while distillate stocks rose 1.1 million barrels.
Wall Street loses ground
US stock indices gave up ground on Wednesday following strong data.
US retail sales rose 1.3% in October, beating estimates of a 1% rise, and up from a flat rate in September.
Core sales, excluding automotive sales, rose 1.3%, beating estimates of a 0.5% rise, and up from a 0.1% rise in September.
Dow Jones rose 0.1%, or 50 points to 33,645, while S&P 500 fell 0.4%, or 18 points to 3,974, as NASDAQ gave up 1.2%, or 140 points to 11,216, as of 15:35 GMT.
US retail sales rise past estimates in October
US retail sales rose 1.3% in October, beating estimates of a 1% rise, and up from a flat rate in September.
Core sales, excluding automotive sales, rose 1.3%, beating estimates of a 0.5% rise, and up from a 0.1% rise in September.