Oil gave up its early gains Thursday after a survey showed weakening US business conditions but losses were limited by a firmer euro, worries over possible disruptions to supply from the Middle East and a drop in US oil inventories.

Global crude oil benchmark Brent has risen more than a third in less than two months on escalating worries about a conflict over Iran’s nuclear program and as investors hope for more stimulus measures from central banks, which would boost commodities.

A fall in production in the North Sea during September due to maintenance has also tightened supply in Europe and helped push up the price of light, sweet crudes for immediate delivery.

Brent futures were down 22 cents at $ 116.03 a barrel at 1510 GMT, after ending Wednesday up $ 2.22 at the highest settlement since May 2.

US crude was up 53 cents at $ 94.86 a barrel, after rising 90 cents to its highest settlement since May 14.

Manufacturing activity in the US mid-Atlantic region shrank in August for the fourth straight month, a worrisome sign for economic recovery although the pace of contraction eased.

The Philadelphia Federal Reserve Bank said its business activity index was at minus 7.1 in August, a smaller contraction than registered in July.

The US data led to a fall in the dollar against the euro, and a weaker dollar makes oil more affordable for holders of other currencies.

Meanwhile, gold prices firmed Thursday on speculation that central banks may be set to launch more bullion-friendly stimulus measures to boost growth, though mixed US data that dampened expectations for imminent Federal Reserve action kept prices in a range. Spot gold was up 0.1 percent at $ 1,603.90 an ounce at 1405 GMT.