Oil prices added to losses from the previous session on Thursday, dropping more than 2% as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell 2.9%, to $103 a barrel. Brent crude futures dropped 2.5%, to $108 a barrel.
Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May.
Investors remain concerned that central banks could push the world economy into recession with interest rate increases.
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The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday.
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President Biden has called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record prices at the pump.
The average price for a gallon of gasoline slipped again on Wednesday, remaining below the $5 threshold for a fifth straight day, according to AAA.
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The price of a gallon of gasoline declined to $4.955, according to AAA. The price on Tuesday fell to $4.968.
Reuters contributed to this report.