Oil prices fell slightly ahead of US oil inventories data and due to concerns that an increase in COVID-19 cases could hamper outlook on global economic recovery and suppress oil demand growth.
International benchmark Brent crude was trading at $68.98 per barrel at 07.31 GMT for a 0.53% loss after closing Tuesday at $69.35 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $66.84 a barrel at the same time with a 0.46% fall after ending the previous session at $67.20 per barrel.
The fluctuation in the prices continue due to the fears of rapid spread of the Delta variant.
First found in India and reported to be more resistant to the existing vaccines, Delta has spread across 100 countries so far. The World Health Organization expects Delta to be the most dominant COVID-19 strain globally.
Unvaccinated people account for more than 97% of new hospitalizations caused by the delta strain, according to health experts.
The decision to raise oil production by 400,000 barrels as of August also negatively affected the prices in addition to the supply glut fears.
Investors are awaiting the data on US oil inventories to be announced today by the US Energy Information Administration.
Source: Anadolu Agency