Oil prices slipped in early trade today, reversing most of the previous session’s gains due to a stronger dollar and concerns over higher global output amid slow demand growth forecasts. However, crude prices recovered later in the day.

Brent crude futures gained 0.48 percent to trade at 72 dollars and 63 cents a barrel and West Texas Intermediate crude was up by 0.5 percent to trade at 68 dollars and 77 cents, when reports last came in.