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

Gold fell in Europe on Wednesday and platinum dropped below $1,100 an ounce for the first time since May 18 as the dollar firmed against the euro, making precious metals more expensive for holders of other currencies.

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.

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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.

Oil fell more than a dollar to below $44 on Thursday as a record drop in euro zone economic performance heightened expectations that fuel consumption would shrink further.

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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.