Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.
Oil fell towards $82 a barrel on Wednesday, extending the steepest one-day percentage loss in three months in the previous session, on rising oil inventories and a firm dollar.
The dollar surged to a one-year high against a basket of six m
Oil rose on Monday, pushing Brent crude to a fresh 18-month high, as robust manufacturing and home sales data in the US buoyed hopes of a sustained economic rebound in the world's top energy user.
Traders awaited cues from US April consume
Oil demand in top consumer the United States has fallen sharply from levels a year ago due to the credit crisis and slowing economy, BP Chief Executive Tony Hayward said on Monday.
"According to our preliminary data, US demand was down 2 m