U.S. crude oil inventories fell for a seventh consecutive week, while product stocks saw large builds last week as refineries increased their capacity use.

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.

The federal government is looking forward to earning more revenue, and the year has started positively as the prices of three Nigerian crude oil grades have risen.

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 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.

U.S. crude oil futures inched higher in post-settlement trading Tuesday after the American Petroleum Institute reported a larger-than-expected decline in weekly domestic crude stockpiles. Crude Oil WTI Futures,