U.S. oil prices drop below $70 for first time since March

Oil prices were sharply lower Wednesday, pulling U.S. crude benchmark prices below $70 a barrel to their lowest since March.

U.S. petroleum inventory data from the Energy Information Administration released early Wednesday showed a third straight weekly decline for domestic crude supplies, while gasoline stockpiles moved higher. Traders, meanwhile, awaited the Federal Reserve policy decision Wednesday afternoon as worries about the banking sector fed prospects for a recession.

Price action

Supply data

The…