WASHINGTON (dpa-AFX) - Oil prices declined on Wednesday following two days of consecutive advances.
Benchmark Brent crude futures fell 0.7 percent to $75.97 in European trade as concerns over disruption to Libyan oil loadings eased and doubts persisted on China's demand outlook. WTI crude futures were down 0.6 percent at $73.34.
Fears of supply disruption eased after Libya's state-run National Oil Corp (NOC) said oil exports were continuing without disruption following talks with protesters at the Es Sider and Ras Lanuf ports on Tuesday.
'Operations are proceeding smoothly across all fields and ports after discussions with protesters who held demonstrations this morning at the Es Sider and Ras Lanuf ports,' the NOC said in a statement on its Facebook page.
Adding to the downward pressure, the American Petroleum Institute (API) reported that U.S. crude oil inventories increased by 2.86 million barrels over the last week. Those at the critical Cushing, Oklahoma, hub recorded a modest decline.
Meanwhile, it was reported that Saudi Arabia's energy minister held talks with OPEC+ counterparts in the wake of growing economic uncertainties and U.S. President Trump's call for lower oil prices.
Coming ahead of an upcoming OPEC+ meeting next week to review supply curbs, the talks cantered on boosting cooperation to stabilize global energy markets and serving the mutual interests of their countries.
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