Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.
Oil prices have fallen as markets worry that aggressive interest rate hikes to stem inflation will spur an economic downturn, further curbing the oil demand.
International benchmark Brent crude on Wednesday was trading at $99.34 per barrel at 0610GMT (9.10AM local time) for a 0.15 percent decrease after the previous session closed at $99.49 a barrel.
American benchmark West Texas Intermediate (WTI) was at $95.78 per barrel at the same time on Wednesday for a 0.06 percent loss, as the previous session closed at $95.84 a barrel.
Negative pressure on prices
Oil prices continued to fall as central banks' move to aggressively increase interest rates to combat inflation raised fears of a stronger global recession.
Fears of lower global oil demand put negative pressure on prices as central banks worldwide increase interest rates to tame inflation and a new wave of Covid-19 pandemic forces Chinese cities to take drastic action.
Market players are keeping a tight eye on US President Joe Biden's travel to the Middle East, where he is anticipated to urge Saudi Arabia and other Gulf producers to increase their oil supply to support price stability.