Crude oil prices dipped despite a significant U.S. gasoline inventory draw indicating strong demand, as concerns about global economic impact and increased OPEC production weighed on the market.

Oil futures rose Wednesday, finding support from a weaker U.S. dollar and data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.

Oil prices rose 2% on Wednesday, as U.S. government data showed tighter-than-expected oil and fuel inventories, though investors kept an eye on mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.

Crude oil prices began the week with losses due to trade tensions from tariffs, Saudi Arabia's price cuts, and weak Chinese economic data, indicating concerns about demand and supply.

Oil prices settled slightly higher on Tuesday, helped by weakness in the dollar, but gains were capped by mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.