Oil slips to six-month low as recession fears weigh | Reuters

Oil slips to six-month low as recession fears weigh | Reuters

Oil fell on Wednesday to a six-month low after a brief respite as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks.

Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. read more

Brent crude was down 44 cents, or 0.5%, at $91.90 a barrel by 0815 GMT and earlier fell to $91.64, the lowest since February. U.S. West Texas Intermediate (WTI) crude dipped 9 cents, or 0.1%, to $86.44.

"The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM.

Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday.