Oil slipped for two days in a row on Wednesday amid adequate supplies indications from the industry report and the projections of more rate hikes which spiked worries on the demand status.

A nudge up in US stocks that went beyond predictions by 10.5 million barrels based on API figures.

Brent crude futures dipped by 1.3% at $1.13 per barrel, while U.S. WTI crude slipped by 1.7% to $77.75.

The U.S. decision this week that it will sell 26 million barrels of oil from the country's strategic reserve, which is already at its lowest level in about four decades, pushed the crude as well.

The market was also adversely affected by US inflation figures and central bank officials' remarks, which made investors worry that interest rates would climb for a very long time.

The demand prediction for 2023 was buoyed by the International Energy Agency in its report on Wednesday.