Crude oil for August delivery lost 14 cents, or 0.1%, to $77.04 a barrel on the New York Mercantile Exchange. The contract had started the session lower, fluctuated in early session, but just before the release of the minutes was gaining 0.5%, buoyed by a weaker dollar.
Fed officials forecast gross domestic product to grow 3% to 3.5%, compared to previous estimates of 3.2% to 3.7%. The officials said they may consider further stimulus if the economy worsens.
"It's almost like a boxing match this week" between encouraging earnings and weak reads on the broader economy, said Matt Smith, commodities analyst with Summit Energy in Louisville, Ky.
Oil had kept its losses even after the Energy Department's Energy Information Administration reported a larger-than-expected decline in inventories, but a weakening dollar gave the commodity enough oomph to go for gains.
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