In anticipation of the release of the minutes of the Federal Reserve meeting, oil prices declined on Wednesday triggered by worries on the demand in the US.

U.S. crude futures dipped 0.5% at $76.02 per barrel, meanwhile Brent contract slipped 0.6% to $82.58 per barrel.

The price of crude has dropped for the third time in a row as traders are gearing up for Fed minutes with concerns that the aggressive rate hikes will linger.

Fears that inflation is turning out to be longer than anticipated and compel Fed to maintain higher rates for a longer period of time have become a growing source of market unease. The economy would be adversely affected, which would lower fuel demand in the world's top consumer.

OPEC declared late last year that it would decrease its output by 2 million barrels per day, while Russia is scheduled to lower its exports by 500,000 barrels per day starting the following month.