Oil prices dropped more than $1 a barrel on Wednesday as U.S. equity markets broadly fell, but losses were limited as U.S. sanctions restricted Iranian exports.
U.S. West Texas Intermediate (WTI) crude was down by $1.79, or 2.4 percent, at $73.17 a barrel, after rising nearly 1 percent in the previous session.
Brent crude futures were down $1.90, or 2.2 percent, at $83.10 a barrel by 2:29 p.m. ET, after a 1.3 percent gain on Tuesday.
U.S. stocks markets fell on Wednesday, weighing on oil prices. Crude futures at times track with equity markets.
"As long as we continue to see broad-based weakness in the equity sector, that's going to start spilling over into other areas as well. One in particular will be energy because it's all about economic expectations," said Brian LaRose, a technical analyst at United-ICAP.