In anticipation of possibly depressing manufacturing statistics and an annual gathering in Jackson Hole where influential central bankers, including those from the United States, will discuss interest rates, oil prices fell on Wednesday.

Brent crude dipped 51 cents to $83.52 per barrel meanwhile U.S. West Texas Intermediate crude slipped 49 cents at $79.15 per barrel.

The euro zone, France, Germany, Britain, and the United States are scheduled to announce their own purchasing managers' index (PMI) data later in the day. Earlier on Wednesday, Japan reported decreasing manufacturing activity for a third consecutive month in August.

China, the second-largest economy in the world, is essential to bolstering oil demand for the remainder of the year. Markets have been irritated by the slow growth, however, since the promised stimulus has fell short of projections, including a smaller-than-predicted reduction in a significant lending benchmark on Monday.

On the supply aspect, OPEX members and their allies have chosen to reduce supplies in order to support prices, with Saudi Arabia reducing production by an additional 1 million barrels per day (bpd) from July through September. In August, Russia intends to cut exports by 500,000 bpd.