Oil falls as dollar firms

Oil prices fell on Thursday, giving up early gains, as the US dollar rose against most of its peers.

The Energy Information Administration reported yesterday that the US crude inventories fell 6.4 million barrels to 417.4 million barrels last week, while analysts forecasts a drop by 3.6 million barrels.

The dollar index rose against a basket of major currencies by 0.4% to 92.9 points as of 17:07 GMT, after hitting a high of 92.9 points and a low of 92.4 points.

Oil prices were recently lifted by fears of supply disruption in the US after Hurricane Ida swept Gulf of Mexico region.

As of 17:05 GMT, WTI crude October futures fell 0.4% to $72.3 a barrel.

Brent November futures fell 0.2% to $75.3 a barrel.