Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members.

Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world's biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop.