Tuesday's tumultuous trading saw oil prices decline as a cloudy picture for oil consumption overshadowed any potential benefit from a reduction in China's benchmark lending rates.

Brent crude slipped 1.2% to $75.17 per barrel meanwhile WTI dropped $1.53 near $70.25.

On Tuesday, China lowered two benchmark lending rates by a combined 10 basis points. The cuts, the first in ten months, were not as drastic as anticipated.

Several big banks lowered their China economic growth projections for 2023 due to concerns that the country's post-COVID recovery is stalling. The Chinese leadership convened last week to explore ways to boost economic development.

Despite American sanctions, Iran has increased its oil production and crude exports this year.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia itself, are expected to reduce their seaborne shipments of gasoil and diesel this month, which will be offset by Russian increases.