Brent crude futures for October, due to expire today, were down $3.41 at $95.90 a barrel following Tuesday's $5.78 loss.US West Texas Intermediate crude futures were down $2.89, or 3.15%, at $88.75 a barrel today, after sliding $5.37 in the previous session on recession fears.
"Additionally, both the Fed and the ECB are thought to hike interest rates significantly next month, probably by as much as 0.75% - and all these make equity investors run for the exit. Oil duly follows, at least for the time being," he added. Some of China's biggest cities from Shenzhen to Dalian are imposing lockdowns and business closures to curb Covid-19 outbreaks at a time when the world's second-biggest economy is already experiencing weak growth.
The drawdown in gasoline stockpiles was nearly triple the 1.2 million barrel drop that eight analysts polled by Reuters had expected on average. For distillate inventories they had expected a drop of about 1 million barrels.
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Oil prices fall 3% on more recession fearsOil prices continued to slide today on investor worries about the ailing state of the global economy, bearish oil demand signals from OPEC+ and increased restrictions to curb Covid-19 in China.
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