U.S. oil output declined last week as prices descended and concerns mounted about global recession and geopolitical tumult tied to Russia’s invasion of Ukraine.

Production for the week ended Sept. 23 declined by 100,000 b/d to 12.0 million b/d, the U.S. Energy Information Administration (EIA) said Wednesday in its Weekly Petroleum Status Report. The drop left output below the 2022 high of 12.2 million b/d and far from the record level of 13.1 million b/d reached in March 2020, prior to the pandemic.

Demand, meanwhile, rose 10% week/week in the Sept 23 period, though EIA data showed that consumption has been choppy in recent weeks and is down from a year earlier.

Total petroleum products supplied over the last four-week period averaged 19.7 million b/d, down 3% from the same...