Brent crude fell $ 1.03, or 1.3%, to $ 78.06 a barrel at 0130 GMT, after falling nearly $ 2 on Tuesday after hitting $ 80.75, its highest level in nearly three years. .
US oil fell 1.02 dollars or 1.4% to 74.27 dollars a barrel, after falling 0.2% in the previous session.
Oil prices have risen as economies recover from pandemic lockdowns and fuel demand picks up, while some producing countries have seen supply disruptions.
Traders hope that the Organization of the Petroleum Exporting Countries (OPEC) and the allies, generally known as OPEC +, will decide to keep supplies tight when they meet next week.
“While the supply backdrop hasn’t changed much, oil prices hitting USD80 / bbl would see pressure build for OPEC + nations to increase their production quota,” ANZ Research said in a note. .
Demand for oil is expected to rise sharply in the coming years, OPEC forecast on Tuesday, warning that the world must continue to invest in production to avoid a crisis, even as it shifts to less polluting forms of energy.
The weakening of China’s housing market and growing power outages have hurt sentiment, as any fallout from the world’s second-largest economy would likely have a knock-on effect on oil demand, analysts said.
China is the world’s leading oil importer and the second largest consumer of fossil fuels after the United States.
Inventories of crude oil, gasoline and U.S. distillates rose last week, according to market sources, citing figures from the American Petroleum Institute on Tuesday.
Crude stocks increased by 4.1 million barrels during the week ending September 24. Gasoline stocks rose 3.6 million barrels and distillate stocks increased 2.5 million barrels, according to the data, according to the sources, who spoke on condition of anonymity.