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Oil prices sank today as recession fears are outweighing supply concerns even as crude inventories fell more than expected. EIA data showed crude inventories were down 5.1MM/bbls last week, much higher than the forecasted draw of 1.5MM/bbls. Gasoline and distillate stocks both also fell, sinking 2.4MM/bbls and 600K/bbls respectively. “The complex appears more focused on a recession that may be well underway rather than some current EIA statistics that have generally been tilting bullish,” said Jim Ritterbusch of consultancy Ritterbusch and Associates. US consumer confidence continues to fall and the market fears another rate hike next month. WTI traded down $2.77 or -3.6% to close at $74.30. Brent traded down $3.08 or -3.8% to close at $77.69.