U.S. oil benchmark drops to 14-month low as recession fears mount

Oil futures extended a slump Wednesday, with the U.S. benchmark dipping below the $70 level and touching its lowest intraday level since December 2021 as the fallout from a banking crisis stoked recession fears.

Investors were also awaiting official data on U.S. crude inventories after industry data was said to show a rise in oil stocks but declines in gasoline and distillate levels.

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