The price of Brent dropped towards $61 per barrel on Wednesday as the US dollar neared its highest level since April 2006 due to strong data.

Reuters reported that Brent for February delivery dropped 36 cents to $61.33, while US crude declined 34 cents to $56.78.

"Figures from the US Commerce Department are expected to reveal a buoyant economy with third-quarter growth probably revised up to 4.3% from 3.9%."

Figures from the US Commerce Department are expected to reveal a buoyant economy with third-quarter growth probably revised up to 4.3% from 3.9%.

Oil prices have declined nearly 50% since June. While output has increased, demand has slowed. Despite the drop, OPEC has decided not to cut down production.

Reuters quoted Pira Energy’s research note as stating: "The very sharp drop in crude prices that we are currently observing is not sustainable. Over time, the loss in global liquids at Brent prices below $70 a barrel would cause non-OPEC growth to grind to a halt, while global demand growth would be rejuvenated."

The US Department of Energy’s Energy Information Administration (EIA) is due to unveil the official oil inventory data later today.

Data from American Petroleum Institute revealed that US crude stocks increased by 5.4 million barrels in the week ended 19 December.