Due to ongoing concerns about Chinese demand and increased risks of a wider economic downturn, oil prices fell by around 1% on Wednesday.

Vers 13:20 GMT, Brent crude oil futures fell by 76 cents, or 0.96%, to $78.79 per barrel. West Texas Intermediate U.S. crude futures fell 77 cents, or 1.02%, to $74.76. Prices lost more than 2% on Tuesday, after gaining 7% over the previous three days, to over $81 per barrel for Brent and $77 for WTI. While a drop in U.S. oil and fuel inventories last week supported prices, the potential loss of Libyan oil production and the possible expansion of the Israel-Gaza conflict to include Iranian-backed Hezbollah militants in Lebanon remain the biggest risks for oil markets