Mubasher: Oil prices fell on Wednesday ahead of preliminary data pertaining to US crude production, coinciding with a strong dollar.

By 8:32 am GMT, Brent crude dropped 1.12% to $64.52 per barrel (pb), while US crude (Nymex) lost 1.29% to reach $60.99 pb.

Later on Wednesday, the American Petroleum Institute (API) will release preliminary data on US stock piles, while on Thursday, the Energy Information Administration (EIA) will disclose the official data.

Reports and analysts cite concerns of a rise in US output, which will pressure the agreement taken by the Organization of Petroleum Exporting Countries (OPEC) to trim production and thus bolster prices.

The rise in the US dollar is also currently weighing on oil prices, with the dollar index last adding 0.14% to 89.841.