FX.co ★ Oil Prices Take Breather After A Three-day Rally

Oil prices fell around 1 percent on Wednesday after a three-day rally on dollar weakness and signs of tighter supplies.

Brent crude futures for September delivery fell 0.9 percent to $106.39 a barrel, while WTI crude futures for September settlement were down 1 percent at $99.69.

Traders assessed the latest stockpile data from the American Petroleum Institute that showed U.S. stocks of crude rose by 1.86 million barrels during the week to July 15. The report also showed that gasoline inventories rose by 1.29 million barrels, following another rise of 2.9 million barrels a week earlier.

Official inventory data from the U.S. Energy Information Administration (EIA) is due later in the day.

Oil and gasoline prices have been falling recently because of mounting fears of economic recession.

Gasoline prices in the U.S. could soon drop to an average of $4 a gallon, an adviser to President Joe Biden told CBS on Monday.