Oil prices slipped on Wednesday, extending sharp losses from the previous session, even after a report showed that U.S. crude inventories fell more than expected last week, as weak economic data raised fears of recession in the world's biggest economy.
Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT . U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31.
Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Oil prices have erased all their gains since the Organization of the Petroleum Exporting Countries and producer allies such as Russia, known collectively as OPEC+,Russian Deputy Prime Minister Alexander NovakOil prices dived more than 2% on Tuesday amid lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth are countering signs of improving short-term consumption gains.
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