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Oil costs shed almost 8% over the previous two days and posted their third straight month-to-month decline, indicators that recession worries are upstaging considerations over dwindling provides of crude at residence and overseas.
Benchmark U.S. oil futures ended Wednesday at $89.55 a barrel, down from Monday’s closing value of $97.01. Brent crude, the principle worldwide value, fell 12% in August to $96.49 a barrel.
