Oil prices struggle amidst recession fears and demand weakness.

Oil prices fell on Wednesday despite a report showing US crude inventories fell more than expected, as weak economic data raised recession fears for the world's biggest economy. Brent crude fell by 1.2% to $79.82 a barrel while US West Texas Intermediate crude lost 0.9% to $76.38. The Energy Information Administration data showed US crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analyst forecasts of a 1.5 million drop.