Oil slides 2% to 12-week low on fears of global recession | Reuters

Oil slides 2% to 12-week low on fears of global recession | Reuters

Oil prices slid about 2% to a 12-week low in volatile trade on Wednesday, extending the prior session's heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.

Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell about 1.0 million barrels last week. A drop in crude stockpiles could support prices. ,

The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Wednesday. The U.S. Energy Information Administration (EIA) reports at 11:00 a.m. EDT (1500 GMT) on Thursday. Both reports were delayed one day by the U.S. July Fourth holiday.

Brent futures for September delivery fell $2.08, or 2.0%, to settle at $100.69 a barrel. U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.0%, to settle at $98.53. Both benchmarks closed at their lowest since April 11, in technically oversold territory for a second straight day.