Oil prices continued to fall on Wednesday morning as traders assessed details of the US-Iran memorandum and signs of declining US fuel stocks.

Accordingly, Brent crude oil futures for August delivery fell $0.57 (0.72%) to $78.39 a barrel on the ICE Futures stock exchange in London. On Tuesday, they had dropped $4.21, (5.1%) to $78.96 a barrel.

And the WTI crude oil futures for July delivery fell $0.58 (0.76%) to $75.47 a barrel in online trading on the New York Mercantile Exchange (NYMEX). In the previous session, they had dropped by $4.70 (5.8%), reaching $76.05 per barrel.