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The global benchmark crude traded at a $3.80 premium to WTI. The price slump today adds another striking wound for WTI as it falls by 0.2% on Wednesday's trading. Concurrently, global oil consumption is expected to expand by 1.6 million bpd over the period, but demand is expected to taper after hitting a peak in 2020.

The dollar rally added to the factors weighing on oil prices since data last week showed record high US shale oil production.

This week's data is more optimistic, with the API reporting not only a surprise draw for crude oil, but a modest gasoline build of 1.468 million barrels, which was largely in line with analyst forecasts that had the build pegged at a 1.229-million-barrel build.

The American Petroleum Institute will release its weekly oil and petro stokpiles report this afternoon, a day behing schedule due to the President Day break.

Netanyahu: Israel could act against Iran's 'empire'
Earlier this month , Tel Aviv claimed that it had responded to the infiltration of an Iranian drone into the Israeli airspace. The move came at a price: one Israeli jet was brought down. 'Let me be clear; Iran is not Nazi Germany, ' said Netanyahu.

Brent for April settlement climbed by 97 cents to end the session at $66.39 a barrel on the London-based ICE Futures Europe exchange.

"Whether oil prices will profit from this will doubtless depend partly on the extent to which U.S. crude oil production increased last week".

"It makes more sense to liquidate your on-hand inventories", Lipow said.

Prices are being pulled in two directions, with recent comments from the Organization of the Petroleum Exporting Countries showing commitment to ongoing production cuts giving support, while rising forecasts for US shale output provide pressure, said Harry Tchilinguirian, global head of commodity market strategy at BNP Paribas.

Kushner Pushing Back On Kelly's Effort To Revoke Interim Clearance
But the president's son-in-law doesn't see why Kelly's new rule should apply to a princeling like himself. Kelly had known about the broad allegations against Porter for months, and initially moved to defend him.

US crude oil production surpassed 10 million barrels per day (bpd) in November for the first time since 1970. That helped push net imports to the lowest level on record.

There is also an opposing view emerging in the market that United States shale oil production could disappoint and may lead to prices overshooting on the upside, particularly as the investment into new production fails to meet demand needs.

Nationwide stockpiles are forecast to have risen by 2.9 million barrels last week.

Shanghai - Oil slid back toward $60, dragged down with other commodities by a stronger dollar on the prospect of accelerating USA interest rate hikes and on concern over American crude supplies.

Syrian Forces Enter Afrin to Help Kurds against Turkish Incursion
The Turkish air and ground assault on Afrin , dubbed "Operation Olive Branch", began on 20 January. However, the United States has supported the YPG to combat the Islamic State in Syria.

Moreover, a strengthening US dollar also weighed on the market on Wednesday, as a stronger greenback made the dollar-priced oil less attractive for holders of other currencies.