Crude oil price rallied to a 12-week high on Monday amid renewed hopes over the commodity’s demand in the new year. While it has since pulled back, Brent futures have been in the green in four out of the past five sessions.

Oil futures posted their first loss in four sessions on Wednesday after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.

U.S. crude oil inventories increased for a third consecutive week while gasoline stocks declined for the first time in three months, according to data released by the U.S. Energy Information Administration.

Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell that signalled slower rate cuts this year.