Dhaka, Jan. 9 -- Oil prices fell more than 1.0 per cent on Wednesday as a stronger dollar and large builds in US fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members.

Brent crude settled down 89 cents, or 1.16 per cent, to $76.23 a barrel. US West Texas Intermediate crude fell 93 cents, or 1.25 per cent, to $73.32, as per a Reuters report..

Both benchmarks had risen more than 1.0 per cent earlier in the session.

"The oil market is being weighed down by the significant increases in gasoline and diesel inventories that we've seen over the last couple of weeks," said Andrew Lipow, president of Lipow Oil Associates. Fuel inventories swelled as refiners continu...