Futures Movers: Oil prices fall on recession fears, but a drop in U.S. inventories limits losses

Oil futures traded lower on Wednesday, pressured by recession worries that are likely to dull energy demand, though weekly declines for U.S. crude and petroleum products reported by the U.S. government helped to limit price losses.

Price action

Market drivers

Petroleum supply data from the Energy Information Administration on Wednesday would “normally would be extremely bullish — if it were not for banking concerns,” Phil Flynn, senior market analyst at The Price Futures Group.

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