Brent crude futures were down $1.02 at $78.53 a barrel by 1025 GMT, while U.S. West Texas Intermediate crude futures fell $1.04 to $74.49
Oil prices fell more than 1 per cent on Wednesday on persistent concern over Chinese demand and elevated risks of a broader slowdown, though the decline was capped by potential supply losses from the Middle East and Libya.
While a decline in U.S. oil and fuel inventories last week supported prices, the potential loss of Libyan oil output and the possible expansion of the Israel-Gaza conflict to include Iranian-backed militants from Hezbollah in Lebanon remain the largest risks to oil markets. There has still been no confirmation of any closures from the Tripoli-based government or from the National Oil Corp , which is in charge of oil resources.
In the Middle East, fighting continued in the Gaza Strip between Israel and Hamas militants, with no signs yet of a concrete breakthrough in ceasefire talks in Cairo.
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