Data from the American Petroleum Institute showed a decline in crude oil inventories more than expected in the world's largest oil consuming country, but an increase in the supply of refined products compensated for that decline.
Brent crude futures fell 23 cents, or 0.3 percent, to $77.36 per barrel by 0913 GMT, and US West Texas Intermediate crude futures fell 15 cents, or 0.2 percent, to $72.09 per barrel.
And“Oil prices continue to trade in an untrustworthy manner… It seems the mind can never move away from the sick man, which is Europe,” said John Evans of oil brokerage PVM.
Euro zone growth remained hovering around zero for most of 2023. European Central Bank Vice President Luis de Guindos said on Wednesday that the economy may have been in recession in the last quarter and the outlook remains weak.
Crude oil rose nearly two percent yesterday, Tuesday, after losing more than three percent on Monday. On Sunday, the National Oil Corporation of Libya declared a state of force majeure in the Sharara oil field, which can produce up to 300,000 barrels per day.
Data from the Energy Information Administration, the statistical arm of the US Department of Energy, are scheduled to be released at (1530 GMT) today, Wednesday.
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