Wednesday saw an over 2% decline in oil prices as concerns about Middle Eastern violence disrupting supplies subsided one day after Saudi Arabia, the top OPEC producer, promised to assist stabilize the market.

Brent futures slipped by 2.1% at $85.82 per barrel while U.S. West Texas Intermediate crude dropped by 2.9% at $83.49.

On Monday, the price of Brent and WTI increased by more than $3.50 a barrel due to worries that the conflict between Israel and the Palestinian Islamist organization Hamas might spread and disrupt the world's oil supply.

After Saudi Arabia reiterated its attempts to stabilize the oil markets and stated it was working with regional and international partners to avert an escalation, prices ended up marginally lower on Tuesday.

The Russian home market should be given priority, according to Putin. The country's restriction on exporting gasoline and some types of diesel was once more lifted last week because exports of diesel that travel through pipelines and arrive at ports were accepted.

Despite increasing prices for food and energy supplies, producer prices in the US rose more than anticipated in September, and factory gate inflation pressures remained low.