Oil prices declined on wednesday:il prices declined on Wednesday, continuing the drop seen in the previous session. Brent crude futures fell by 16 cents, or 0.2%, to $78.80 a barrel, while US West Texas Intermediate (WTI) crude dropped by 25 cents, or 0.3%, to $75.80 a barrel.

According to Qatar News Agency, both benchmarks had fallen by about 5% in the previous session, hitting their lowest levels in three months.