Oil futures fell early Wednesday, on track for a three-day losing streak, after industry data showing a rise in U.S. crude and gasoline inventories amplified worries over the outlook for demand.Price moves West Texas Intermediate crude for July delivery fell 54 cents,

Crude oil futures fell for a third session Wednesday, extending this week's losing streak as prices soften ahead of a crucial OPEC meeting in June.U.S. crude oil and global benchmark Brent are down more than 2% for the week.

Oil prices fell more than 1% on Wednesday, retreating for a third straight day on expectations that U.S. interest rate cuts might be deferred due to sustained inflation, potentially affecting demand in the world's largest oil user.

Oil prices extended their downward trajectory for a third consecutive session on Wednesday, reacting to the anticipation that the Federal Reserve might prolong higher U.S. interest rates amidst sustained inflationary pressures,