LONDON—Oil hit a six-month low on Wednesday after a brief rally 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 percent in July, its highest since February 1982, intensifying a squeeze on households.
Brent crude fell as low as $91.51, the lowest since February, and by 0931 GMT was down 5 cents at $92.29. U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.2 percent, to $86.33.
“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….