Oil prices fell in choppy trade on Wednesday as fears of a global recession and concerns about rising COVID-19 cases in China, the world's top oil importer, took center stage.
The downside remained capped amid news that Russia aims to ban oil sales from Feb. 1 to countries that abide by a G7 price cap imposed on Dec. 5.
Benchmark Brent crude futures dropped 0.3 percent to $84.42 a barrel and WTI crude futures were down half a percent at $79.14, as industry group American Petroleum Institute reports data on U.S. crude inventories later in the day.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.