Oil prices gave up some of their recent big gains on Wednesday as the dollar regained its footing ahead of the Fed's meeting minutes, and following comments by Fed officials keeping a rate hike on the table for the September meeting.

Brent crude futures lost 50 cents, or one percentage point to trade at $48.75 a barrel, away from a five-week high at $49.36, while U.S. crude futures shed 43 cents, or 0.90% to hover around $46.16 a barrel.

Dollar on the other hand recovered ground after strong industrial production data, with the index up 0.21% against a basket of six major rivals, while the greenback gained 0.50% against the yen to trade at 100.80.

Safe havens lost their balance today as risk appetite firms, with gold futures down nearly ten dollars, or 0.67% to $1,347 an ounce, while silver futures dropped 28 cents, or 1.41% to $19.59 an ounce.

Investors await the Federal Reserve's last meeting minutes to gauge whether the world's biggest central bank is intent on raising interest rates this year, and if the minutes are bullish it would rally the dollar further.

Also from the U.S., crude inventories are forecast to have risen 0.3 million barrels last week, adding to the previous reading's 1.1M addition, which could weigh on oil prices.