LONDON—Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply.
Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets.
Brent crude fell $1.05, or 1.3 percent, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7 percent to $73.01 and touched $72.25, the lowest since late December….