Optec says a lack of petrol refineries is to blame for price pressures

London's Brent crude - currently seen as the best indicator of global prices - ended Wednesday trading down 96 cents to $75.44 per barrel.

Meanwhile, the price of US light crude lost 25 cents to close at $72.56.

Oil prices rose last week over fears of violence in Nigeria hitting supplies from Africa's largest oil exporter.

'Insufficient refineries'

With prices now falling back, the world's largest exporter, Saudi Arabia, said it was sticking to plans to cut production next month.

The Saudi Oil Minister Ali al-Naomi said there was a good balance between global supply and demand.

Oil producers group Optec, of which Saudi is a key member, added that recent price pressures were not caused by a lack of crude supply, rather a global shortage of petrol refineries and violence in Nigeria.

"Opec does not find any reason at the moment to increase its production of crude oil," said the group's president and United Arab Emirates Energy Minister Mohammed al-Hamlin.