Oil prices slipped on Thursday as concerns about weak global fuel demand outweighed strong economic growth in China and better-than-expected U.S. banking results.

Risk aversion returned to markets on Thursday, supporting the U.S. dollar and government bonds, after mixed economic data, while concern about the possible failure of a small U.S. lender sparked caution following the week’s robust gains in stocks.

Oil prices fell on Wednesday as the stronger dollar and rising U.S. product stocks outweighed supply concerns from Nigeria.

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.

Oil held above $40 a barrel on Wednesday after a 4 percent rally in the previous session, as equities gained and investors looked ahead to U.S. inventory data expected to show rising supplies.

U.S. oil price rises above $36… UAE follows OPEC deals with Jan, Feb cuts… Expectations of slowing energy demand weigh

OPEC cuts 2.2 million bpd of crude output… Dealers say record cut not enough to offset demand slide

Global stocks flat… Oil falls, trades around $53 a barrel…  Europe shares down 0.3 percent, Japan up 1.7 percent… Wall Street facing poor start… Dollar rebounds, bonds rise