Oil switched between gains and losses as bearish sentiment across financial markets countered a record decline in US crude stockpiles.

West Texas Intermediate fell toward USD 79 a barrel as a spike in Treasury yields, and the dollar hurt equities and commodities. Crude also fell Wednesday, even as US crude stockpiles posted the biggest-ever draw in volume terms.

“Despite a sharp drawdown in inventories, crude fell on a broader risk-off tone,” said Charu Chanana, market strategist at Saxo Capital Markets in Singapore. The focus was on macro concerns after Fitch’s downgrade of the US and Treasury funding, which pushed US yields and the dollar higher, she added.

Crude rallied last month, with WTI erasing year-to-date losses, after the Organization of Petroleum Exporting Countries and its allies cut production. The surge had lifted prices to the highest since April, spurring concerns there could be a pullback after such a rapid gain. The drop on Wednesday followed a downgrade of US credit by Fitch Ratings that hurt wider market sentiment.

On Friday, the OPEC+ Joint Ministerial Monitoring Committee is due to hold an online review of the market to gauge the impact of the supply reductions that have been led by leading member Saudi Arabia and its ally Russia.