India, May 14 -- Oil prices declined on Wednesday as industry data showed a rise in U.S. crude inventories. A weaker dollar and the threat of more sanctions on Iranian oil exports helped limit overall losses to some extent.
Benchmark Brent crude futures dipped 0.3 percent to $66.44 in early European trade after climbing nearly 2.6 percent in the previous session, hitting their highest level since late April. WTI crude futures were down half a percent at $63.38.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.287 million barrels in the week ending May 9 while analysts had expected a 2.4-million-barrel draw.
The U.S. dollar softened, adding to steep losses in the previous session a...