Oil eased slightly lower after rising more than 8% in the last three sessions, based on data showing a rise in US inventories and the increasing strength of the US dollar. As of press time, West Texas Intermediate (August) was trading at 103.53, and Brent (September) was at 106.92.

West Texas Intermediate for September, the contract with the highest volume and open interest, had eased lower in early Asian trading, after three days of rises due to a pipeline outage, weakness in the dollar, a perceptions of a tightened supply.

US crude inventories had increased by nearly 2 million barrels last week, as gasoline inventories also rose, in estimates from the American Petroleum Institute, according to people familiar with the numbers. The official data is to be released Wednesday.

Crude has hovered around $100 per barrel as investors weigh the effects of a potential recession, as well as risk appetite and the possibility of wider market moves. After strengthening to a record a week ago, the dollar fell slightly, making commodities more attractive to investors.

Oil markets are still strongly backwardated, where near term prices command a premium over later-dated contracts. The prompt spread of Brent, the difference between its two closets contracts, was $4.41 per barrel, over a dollar higher than a week ago.