Oil prices reversed early gains and fell to negative ground for the day during the American session, dragged lower by a US dollar recovery across the board. West Texas Intermediate crude for March reached a high of $33.60 a barrel but then turned lower and fell back below $32.00 a barrel, It was last trading 1.27% down at 31.84 a barrel. Despite recent recovery, global supply glut concerns might prevent crude prices to stage a longer-term bounce. On Wednesday the EIA reported US crude stockpiles grew by 7.8 million barrels last week, against expectations of a 4.8 million gain. US stocks failed to sustain gains and also turned lower, weighed by the commodity’s pullback. For more information, read our latest forex news.