Brent crude dropped below a key $109 a barrel level on Wednesday, following news of a rise in U.S. stockpiles and the release of some mildly bearish government data, but some traders blamed crude's reversal mostly on U.S. dollar's strength.
By midday, the U.S. Dollar index rose by 0.41 percent. In turn, Brent crude fell 88 cents to $108.79 a barrel, after swinging between a high of $109.80 and a low of $109.32 earlier in the session. U.S. oil rose 18 cents to $92.72, gaining for a fifth day in the longest daily winning streak since mid-December.
(Read More: Brent Falls Anew After US Inventory Jump)