Oil prices dipped on Wednesday after climbing in the preceding three sessions as the market grappled with worries about the global economy and dwindling global oil supply.

Brent crude futures for August fell 84 cents, or 0.7%, to $117.14 a barrel. The August contract expires on Thursday, while the more active September contract was trading at $113.17, down 63 cents, or 0.6%. West Texas Intermediate (WTI) crude futures in the United States fell 54 cents, or 0.5%, to $111.22 a barrel.

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Both contracts surged more than 2% on Tuesday, as concerns about constrained supply due to Western sanctions against Russia surpassed concerns about slowing demand in the event of a future recession.

“The market is stuck in the push-pull between the current deteriorating macro backdrop and the looming threat of a recession, pitted against the strongest fundamental oil market set up in decades, maybe ever,” said RBC Capital’s Mike Tran.

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As far as the Organization of the Petroleum Exporting Countries (OPEC) is concerned, Saudi Arabia and the United Arab Emirates are the only two members with additional capacity to replace the lost Russian supply, according to Reuters. However, this week’s remarks from French President Emmanuel Macron and UAE Energy Minister Suhail al-Mazrouei suggested that there was limited potential for major producers to significantly raise output.

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Additional changes to the Russian oil trade are possible as the Group of Seven economic powers (G7) decided on Tuesday to look into methods to control the price of Russian oil, enabling more supply into the market but reducing Moscow’s income.

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Oil inventories in the United States, according to a Reuters survey, are expected to have dropped in the previous two weeks. The government’s weekly petroleum status report was delayed last week owing to a technical problem. On Wednesday, the statistics for both weeks will be released combined.

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According to market sources quoting API numbers on Tuesday, gasoline and distillate stockpiles increased while crude inventories decreased for the week ending June 24.