Oil edges lower as traders weigh recession fears versus U.S. inventory data

Oil futures ticked lower Wednesday as recession worries continued to shadow the market, though an industry trade group’s report of a decline in U.S. crude inventories limited downside.

Price action

Market drivers

Oil retreated Tuesday, “unable to escape the broader market pressure witnessed yesterday, with weaker U.S. consumer confidence weighing on risk assets, while a stronger [U.S. dollar] also did not help,” wrote strategists at ING.

Inventory…