At 10:06 am (local time), New York's main oil futures contract, light sweet crude for delivery in September, was 30 cents lower at 73.26 dollars per barrel from 73.56 dollars in late US trades on Tuesday.
Brent North Sea crude for September was down 28 cents at 74.80 dollars.
The dealers said that the market would be looking ahead to the weekly report on US stockpiles due on Wednesday.
The focus would be on gasoline supplies in the United States, which are under pressure during the main driving season -- when many Americans take to the highways for summer vacations.
Tony Nunan, of Mitsubishi Corp's international petroleum business in Tokyo, said many players expected a large increase in US refinery run rates and a corresponding build in gasoline inventories.
"Everybody's expecting a large increase in refinery runs in the United States," Nunan said.
He said downward pressure on prices has also come from speculators who have cashed in their positions and taken profits. - DDNEWS India
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