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 dropped well over a dollar to below $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after U.S. data showed a big rise in fuel stocks.

Global stocks slid anew on Tuesday as an uptick in German manufacturing orders failed to offset persistent concerns about economic prospects, worries that pushed crude oil down prices to below $63 a barrel.

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

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.

Oil rally fades ahead of US inventory data … American Petroleum Institute data due at 2130 GMT…

U.S. crude, gasoline stocks seen rising in EIA report… China slows sharply in Q4; BOJ warns of deflation…  U.S. stocks fall; Microsoft earnings miss forecasts.

U.S. weekly inventory report shows fuel stock rise sharply… Year-on-year rise in U.S. gasoline purchases- Mastercard… Russia says OPEC to make “significant cuts”

In the energy market Wednesday, crude for July delivery skied higher, to close at $136.38/barrel, up $5.07. July reformulated gasoline shot up 15 cents, to $3.47/gallon.