Oil prices struggle amidst recession fears and demand weakness.
TL;DR
Oil prices fell on Wednesday despite a report showing US crude inventories fell more than expected, as weak economic data raised recession fears for the world's biggest economy. Brent crude fell by 1.2% to $79.82 a barrel while US West Texas Intermediate crude lost 0.9% to $76.38. The Energy Information Administration data showed US crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analyst forecasts of a 1.5 million drop.
- Oil slips as recession fears offset U.S. inventory draw Reuters
- Oil Prices Unmoved Despite Large Crude Draw OilPrice.com
- Oil mixed as recession fears are tempered by U.S. inventories CNBC
- Opinion: Oil buying slows amid renewed concerns about economy: Kemp ETEnergyWorld
- Crude Oil Prices Hold Drop as Demand Weakness Spurs Talk of Refinery Cuts Bloomberg
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