oil futures fell sharply on tuesday with us prices marking at their lowest price of the year the oil market is “moving in fear that the federal reserve is going to drive the economy into a recession” said phil flynn senior market analyst at the price futures group traders also await the weekly us petroleum supply report due wednesday on average analysts polled by sp global commodity insights expect the report to show a decline of 26 million barrels for the week ended dec 2 us benchmark wti crude for january delivery clf23 fell 268 or 35 to settle at 7425 a barrel on the new york mercantile exchange that was the lowest frontmonth contract finish since dec 23 2021 according to dow jones market data