Investing.com - Oil futures pushed lower on Thursday, as a broadly stronger U.S. dollar prompted market players to lock in gains from the previous session's 6% rally.
Crude oil for delivery in December on the New York Mercantile Exchange slumped 61 cents, or 1.34%, to trade at $45.33 a barrel during European morning hours.
The U.S. dollar surged to a two-month high against a basket of major currencies early Thursday after the Federal Reserve hinted at a possible rate hike in December.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.
A day earlier, Nymex crude prices soared $2.74, or 6.34%, following the release of bullish U.S. weekly supply data.
The U.S. Energy Information Administration said crude oil inventories increased by 3.37 million barrels last week. Market analysts' expected a crude-stock rise of 3.41 million barrels.
The report also showed that gasoline inventories decreased by 1.1 million barrels, compared to expectations for a decline of 0.9 million barrels, while distillate stockpiles fell by 3.0 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for December delivery dipped 56 cents, or 1.15%, to trade at $48.48 a barrel. On Wednesday, Brent prices jumped $2.24, or 4.79%.
The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
Oil prices have lost nearly 60% since last summer as lingering concerns over a glut in world markets drove down prices.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.15 a barrel, compared to $3.11 by close of trade on Wednesday.