European shares slipped back from a 10-month closing high on Wednesday, as investors took profits, even as German and U.S. economic data continued to point to recovery.

Oil fell to near $71 a barrel on Wednesday, extending hefty losses from the previous session, as rising stockpiles of U.S. crude outweighed positive economic data.

Oil fell below $65 a barrel on Wednesday, curbing a week of gains after data showing an unexpected rise in U.S. crude stocks suggested demand in the world’s top energy consumer was still weak.

Oil prices fell more than 1 percent to $63 a barrel today, Tuesday, as growing uncertainty over an economic recovery spurred investor risk aversion.  A member of U.S. President Barack Obama’s economic advisory panel said the world’s top oil consumer should plan to possibly provide a second round of stimulus funds to prop up the economy, implying that recovery is still far off.

In the energy market on Wednesday, crude for August delivery dropped off, closing at $69.89/barrel, down $1.60. August reformulated gasoline lost 4.3 cents, to $1.859/gallon.

Oil rose above $68 a barrel on Tuesday, reversing earlier losses, supported by a weaker dollar and ahead of inventory data expected to show a fall in crude stocks.

The U.S. news media has convinced many investors that oil consumption is falling because of the global recession. While that may be true, it’s a disservice to millions of investors because production is declining at a pace that’s actually three times faster.

U.S. crude rose $1.75 to $61.85 a barrel by 1:57 p.m. EDT (1757 GMT) after hitting a six-month high of $62.14. London Brent traded up $1.52 to $60.44 a barrel.

How did it get here, and where is it going? What a difference a year makes. While March lions and April showers were at work in 2008, so were these factors in the U.S. and global economies:

In the energy market on Tuesday, crude for June delivery pushed higher, closing at $58.85/barrel, up 35 cents. June reformulated gasoline fell 1.23 cents, to $1.6679/gallon.