Following four days of losses, oil prices were neutral on Wednesday as traders assessed the impact of OPEC+ supply curbs and concerns about China's deteriorating demand outlook.

Brent crude added 1 cent to $77.21 per barrel meanwhile U.S. WTI crude futures dipped 4 cents at $72.28 per barrel.

OPEC+ decided earlier the previous week to implement voluntary output reductions of roughly 2.2 million barrels per day (bpd) for the first quarter of 2024. A continuation of the voluntary 1.3-million-barrel reductions from Saudi Arabia and Russia is part of these trims.

Analysts claim that concerns about the Israel-Hamas conflict's potential impact on supplies offer some relief from the previous price drops.

The world's second-largest oil user, China, may see a decline in overall fuel consumption due to concerns about its economic health.

On Thursday, China is scheduled to announce preliminary trade figures, which includes import figures for crude oil.

Crude oil and fuel inventories in the United States increased in the week leading up to December 1, according to market sources quoting data from the American Petroleum Institute on Tuesday, adding to the basic picture.