Oil prices fell by more than one percent on Wednesday, as concerns about demand in China persisted and the risks of a broader economic slowdown increased.

Brent crude futures fell by $1.15, or 1.45 %, to $78.40 a barrel, while US West Texas Intermediate crude futures fell by $1.20, or 1.6 %, to $74.33.

The decline came after a more than 2 % drop on Tuesday, which halted a three-day winning streak of more than 7 %. The market also received support from data released late on Tuesday showing a decline in U.S. crude and fuel inventories last week.

U.S. crude oil inventories fell by 3.407 million barrels in the week to Aug. 23, according to data from the American Petroleum Institute cited by market sources on Tuesday. Gasoline stocks fell by 1.863 million barrels during the week, while distillate stocks fell by 1.405 million barrels.

Source: National Iraqi News Agency