U.S. crude oil fell by more than $1 on Wednesday after industry data showed U.S. crude inventories fell less than anticipated last week and the dollar rebounded against the euro.

The American Petroleum Institute (API) said crude inventories fell 860,000 barrels for the week ended May 20, compared with analyst expectations for a 1.3 million-barrel draw.

U.S. crude for July was down $1.09 at $98.51 a barrel by 0420 GMT.

(Reporting by Francis Kan; Editing by Ed Lane)

Energy