Brent crude futures LCOc1 were at $76.47 per barrel by 0656 GMT, down 27 cents, or 0.4 percent, from their last close.
Oil prices retreated on Tuesday as investors waited on an announcement by President Trump on whether the U.S. will reimpose sanctions on Iran.
Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs.
Egypt’s exports increased seven percent year-on-year in January 2018 to reach $2.15 billion, compared to $2.01 billion in the same month in 2017.
Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency.
Oil fell on Wednesday as investors took profit on a rally the previous day to this year’s highs.
Brent crude futures LCOc1 were at $69.35 per barrel at 0722 GMT, down 12 cents, or 0.2 percent from their last close.
Oil prices rose by almost 1 percent on Tuesday, lifted by a weak dollar, tensions in the Middle East and concerns of a further fall in Venezuelan output.
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in U.S. crude output weighed on markets.
Brent crude futures LCOc1 were at $65.58 per barrel, up 9 cents, or 0.1 percent, from their previous close.
Spreadbetters expected European stocks to open lower, with Britain’s FTSE falling 0.7 percent, Germany’s DAX losing 0.8 percent and France’s CAC dropping 0.85 percent.
Egypt’s production of natural gas increased in December 2017 to reach 3.4 million tons, up from 2.7 million tons in December 2016.
The dollar index gained 0.34 percent, with the euro down 0.27 percent to $1.2198. The Japanese yen firmed 0.55 percent versus the greenback at 106.73 per dollar.
Oil edged lower on Tuesday ahead of weekly data that is forecast to show a rise in U.S. crude inventories.
The United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said Tuesday.
Japan’s Nikkei led with an increase of 1.3 percent, while Chinese blue chips added 0.7 percent.
London Brent crude gained 12 cents, or 0.2 percent, to $67.43, after climbing nearly 4 percent last week.
Oil markets were split on Tuesday, with U.S. crude pushed up by reduced flows from Canada while international Brent prices eased.
Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload.
Oil prices are unlikely to advance much higher than $70 a barrel in 2018, a Reuters poll showed on Wednesday.