As worries about a worldwide economic slowdown impacted on market sentiment, oil prices dipped on Wednesday, reversing some gains achieved after Saudi Arabia and Russia declared they will extend and intensify supply restrictions until August.

Brent crude slipped 0.6% at $75.79 per barrel while WTI added $1.08 at $70.87 per barrel.

According to a poll conducted by the private sector on Wednesday, China's services industry grew at the weakest rate in five months in June as the momentum of the post-pandemic rebound slowed down due to weaker demand.

FOMC meeting minutes from June 13–14 will be released later on Wednesday, and the market is anticipating them for additional hints about the outlook of the US central bank.

Investors were still worried about the demand for oil, though, when business surveys revealed a decline in global manufacturing activity due to weak demand in China and Europe.

According to four analysts surveyed by Reuters, U.S. crude stockpiles were predicted to decrease by approximately 1.8 million barrels in the week ending June 30, marking the third consecutive week of decreases.